What is it:
“Flipping” scam that promises you big money on social media
Who is it targeting:
Social media users on Instagram, Facebook, Snapchat and more
How does it work:
A flipping scam looks a lot like a pile of cash, at least in the picture accompanying the post. A user on the same platform shows the image and promises that you, too, can earn this kind of money for sending in only a little bit of upfront payment. Their post may even have a lot of comments from people who claim to have already benefitted, thanking the person for bringing them into this kind of wealth. Be warned: those people are not real and neither is the money.
A flipping scam plays off the old concept of an illegal pyramid scheme, in which you send in $100 and get ten people to send you their $100, and so on. However, this one does not even bother going that far. You send your money to the scammer, and that is the end of it.
What you can do about it:
- Remember that things, and people, are not always what they seem on the internet
- It is very easy to create fake accounts, fake posts and fake followers
- Some of these scams want prepaid debit cards or gift cards, but remember that those are just as insecure as cash