Get rich quick schemes promising high returns in minimal time are not a new phenomenon. But clever scammers are now promoting these "money flipping" scams on Instagram, Facebook and Twitter to target a younger audience.
How the Scam Works:
You see a photo of a pile of cash on Instagram or another social media site. The caption brags about an easy money flipping scheme. This person claims to have "flipped" a couple hundred dollars into thousands, and he or she offers to do the same for you.
This "investor" tells you that it's easy to get started. All you need to do is put $100 or more on a prepaid debit card from your local convenience store. The greater the value, the more money you can make. Then, share the card number and PIN, and the "investor" will do the rest.
Unfortunately, giving out the card number and PIN allows the "investor" to withdraw money from the card. Typically, the scammer drains the card and then blocks you from contacting their social media account.
Tips to Avoid Money Flipping Scams:
For More Information
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This Scam Alert has been sponsored by Western Union, a BBB National Partner.