Money flipping scams promise to turn a small investment into a big profit. This can be an easy sell to anyone looking to make some cash, especially teenagers.
So what are scammers doing to target a younger audience? Their using social media sites like Instagram.
Here’s how the scheme works. Scammers will post a picture of someone holding a large amount of cash. The caption will say how the user flipped hundreds of dollars into thousands. It will then ask if you want to make the same amount of money, saying how easy it is. To get started, the victim will just have to send the Instagram user a message to show interest.
But here’s when the scam revs up. You’re then asked to mail your physical debit card and PIN number, granting access to your account. Initially, you’ll see a deposit of a couple thousand dollars and withdraw an equal amount. But the first deposit will be fake. When the bank realizes the check is fraudulent, you will be responsible for the withdrawn cash.
BBB offers these tips to avoid these money flipping scams on Instagram:
If it sounds too good to be true. Use common sense when seeking ways to supplement your income. Anyone who claims to be able to turn a small investment into thousands of dollars quickly is a scam artist.
Do a quick search. Before contacting the potential scammer, do a web search of their username or phone number. If it’s a scam, chances are that other victims have posted complaints and information online.
Don’t share your debit card, card number or PIN. No legitimate service would ever ask you to share this information.
Be wary of prepaid debit cards. Treat prepaid debit cards like cash. Once you give away the account info, you will not be able to get that money back.