Flipping Money Scam Steals Money through Social Media
Social media sites are currently being flooded with “flipping money” scams that put users at risk of debit card fraud. These get-rich-quick opportunities are far from new, but they are now becoming a growing problem in fraud prevention.
Scam artists turn to Twitter, Facebook and Instagram to advertise how to turn $100 into $1,000 by “flipping money.” The ad say investors can take advantage of loopholes in the monetary system which can convert a little money into a lot of money over time. The fraudsters will ask you to send a prepaid debit card to a specific address so they can have money to flip for you, and will then ask for a PIN over the phone or through a text message. After that, you can kiss your money goodbye.
While the ability to flip money through foreign exchange is legitimate, the companies running these scams are not out to share industry secrets. They want one thing: your hard-earned money.
“You’re giving a prepaid debit-card number to someone you don’t know. (You’re) not sure how they’re going to flip the money, not sure if it’s legal or not'” said Felicia Thompson, spokeswoman for the Better Business Bureau in Arizona. “Really, you’re not going to hear from them again because they have what they want.”
The BBB is part of a group of consumer-protection agencies warning citizens about the scam. If you have been tempted by the idea of making quick cash from a process like this, keep your money and look for a different opportunity.