Scammers are giving get-rich-quick schemes a high-tech makeover. By promoting "money flipping" scams on social media, they are appealing to a new, younger audience, according to the National Consumers League.
How the Scam Works:
You see a photo of a person folding a pile of cash on Instagram. In the caption, the users brag about having "flipped" a couple hundred dollars into thousands. Want to do it, too? It's easy. Just send the account holder a message, and you can get started with a small deposit.
In a the original version of this scam, con artists asked victims to wire money or use a prepaid debit card. In a new twist, scammers ask you to mail your physical debit card and account PIN, granting direct access to your account. The "investor" claims that he/she is going to deposit a check into the account and will compensate you for your trouble.
Don't do it! Scammers will appear to deposit a couple thousand dollars and withdraw an equal amount. But the first deposit was a fake. When the bank realizes the check is fraudulent, you will be on the hook for the withdrawn cash.
Tips to Avoid Money Flipping Scams:
For More Information
To find out more about other scams, check out BBB Scam Stopper (bbb.org/scam).