September 2, 2014
Money-Flipping Scams on Instagram Popular
There has never been a shortage of fraudsters on the hunt for others people’s money. Scamming has definitely spiked with the increase in social media platforms.
Not surprisingly, a new scam has recently arrived on the scene. The “Money Flipâ€ scam that has been making the rounds on social media sites like Facebook and Instagram pokes at most people’s Achilles heel: you need some money and you need it really fast.
The scam begins by drawing potential victims in with a photograph of money. The profile looks real enough–there are even dozens of comments like “thank you,â€ “this really works!â€ and other believable testimonials. In reality, the profile is completely fake. When a victim is hooked, the con artist asks the ‘investor’ to put $100 or more on a prepaid debit card. The more money placed on the card, the higher the rate of return you will see–at least that is the claim.
However, the investor is then asked to share the PIN number and then wait while the fraudster gets to work. You probably know how this ends: you never get the money that was promised.
Bottom line? Do your homework. Look up the potential scammer’s name or phone number online. If it’s a scam, chances are other people will have figured this out already and posted warnings on Facebook, Twitter, and Instagram.
Be careful when using prepaid debit cards, they’re basically cash, so treat them as such. If you lost $100 in the street, you will probably not get it back. Prepaid debit cards are similar. And lastly, just because your Facebook friends appear to have liked or shared these scam posts doesn’t make them any more legitimate. It’s easier than ever for social media profiles to be hijacked.