Written by 10:08 am Fintech/Cryptocurrency, News, Tech, Uncategorized, Web Views: 10

Crypto Scams Tiktok Users Must Avoid Right Now

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TikTok users are increasingly falling victims to crypto scams. However, if you are a TikTok user, then you need to avoid these crypto scams right now!

You likely want to know what these crypto scams that every TikTok user must avoid right now?

Well, this report will show you just that, so don’t worry.

Now reason this: Are you one of the TikTok users recently seeing stash of money while scrolling your timeline?

You are seeing posts of heaps of money by some persons claiming they made such huge money from investing in one crypto business?

Yeah, you have seen similar posts right? exactly! They are pure scam!

What you must note is that just one click on the links and you are in for huge loses to crypto scammers.

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another biggest crypto scam on TikTok is the scammers sending you cryptic bot messages and asking you to reply.

Do not reply such messages. If you do, you could lose a fortune!

The Better Business Bureau (BBB) – a private, nonprofit organization empowering people to track businesses, brands, and charities they can trust for over 110 years- has warned about cryptocurrency scams on Tiktok.

Explaining the crypto scam on TikTok, the organization said thus:

“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,” the BBB detailed.

The BBB explained that “as Tiktok’s popularity grows, so do the con artists.”

Noting that it is seeing many new reports from its “Scam Tracker related to this money-flipping scam,” the BBB described:

“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.”

Crypto scammers on Tiktok may promise “to turn a few hundred dollars’ worth of cryptocurrency in no time.

Others also promise thousands in no time at all,” the BBB detailed.

BBB further noted that they may even “have a 100% guarantee that they can triple your money in less than a week.”

The organization explained that “When you contact the supposed investor [scammer], likely through WhatsApp, Telegram, or another messaging app, they will be polite and professional,” adding:

They will ask you to send money — usually, a few hundred dollars to start.

They will ask you to pay through a digital wallet service like Paypal, Zelle or Venmo.

However, “When you try to get your money back, the scammer will claim you need to pay fees.

“At first, these amounts may seem harmless … They may ask for fees several times, always promising you will get much more back than what you are spending.”

“If you question them, they may resort to scare tactics, telling you that if you don’t pay, you’ll miss out on the giant return or that they can take legal action,” the BBB further cautioned, elaborating:

“Unfortunately, any money you send will end up in the scammer’s pockets.

“You won’t be getting a return on your investment, and you won’t be getting your initial deposit back either.”

The 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.

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