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The Better Business Bureau (BBB) has warned about cryptocurrency scams on Tiktok. \u201cYou are scrolling through Tiktok when you come across a video showing a pile of cash. The creator says they earned the stack of money in just a few days by investing in cryptocurrency,\u201d the BBB detailed.<\/strong>\n<\/p>\n \n The BBB explained that \u201cas Tiktok\u2019s popularity grows, so do the con artists.\u201d Noting that it is seeing many new reports from its \u201cScam Tracker related to this money-flipping scam,\u201d the BBB described:\n<\/p>\n You are scrolling through Tiktok when you come across a video showing a pile of cash. The creator says they earned the stack of money in just a few days by investing in cryptocurrency.<\/p>\n<\/blockquote>\n \n The organization explained that \u201cWhen you contact the supposed investor [scammer], likely through Whatsapp, Telegram, or another messaging app, they will be polite and professional,\u201d adding:\n<\/p>\n They will ask you to send money \u2014 usually, a few hundred dollars to start \u2014 through a digital wallet service like Paypal, Zelle or Venmo.<\/p>\n<\/blockquote>\n \n \u201cIf you question them, they may resort to scare tactics, telling you that if you don\u2019t pay, you\u2019ll miss out on the giant return or that they can take legal action,\u201d the BBB further cautioned, elaborating:\n<\/p>\n Unfortunately, any money you send will end up in the scammer\u2019s pockets. You won\u2019t be getting a return on your investment, and you won\u2019t be getting your initial deposit back either.<\/p>\n<\/blockquote>\n \nCrypto Scammers Defrauding Tiktok Users<\/h2>\n
\nThe Better Business Bureau (BBB) warned of cryptocurrency scams on the popular video-hosting platform Tiktok Friday. Founded in 1912, the BBB is a private, nonprofit organization that empowered people to find businesses, brands, and charities they can trust for over 110 years.<\/p>\n\n
\nScammers on Tiktok may promise \u201cto turn a few hundred dollars\u2019 worth of cryptocurrency into thousands in no time at all,\u201d the BBB detailed, adding that they may even \u201chave a 100% guarantee that they can triple your money in less than a week.\u201d<\/p>\n\n
\nHowever, \u201cWhen you try to get your money back, the scammer will claim you need to pay fees. At first, these amounts may seem harmless \u2026 They may ask for fees several times, always promising you will get much more back than what you are spending.\u201d<\/p>\n\n
\nThe BBB concluded by giving some advice on how to avoid money-flipping scams. Besides using good judgment and doing your research, the organization cautioned people not to give into scare tactics and understand how digital wallet services work.<\/p>\n