Money-flipping cons and investment scams have been on the rise for years. Since 2020, BBB has received more than 4,000 reports from consumers about investment scams, many of which involved cryptocurrency. Traditionally, these scams have taken the form of long-term romance scams to slowly gain the trust of their targets.
More recently, however, these scams have taken to social media platforms, where scammers can more quickly target a larger audience and steal your money and personal information. BBB Scam Tracker frequently receives reports of cryptocurrency scammers on TikTok. Here’s what you need to know.
How the scam works:
You’re scrolling through TikTok — or another social media platform — when you receive a direct message from a user asking if you’re interested in investing. The user’s profile seems legitimate, and the company’s website looks real. You may also encounter a user sharing videos of piles of cash, saying you…
