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Avoid get rich con appearing on Cash App | #socialmedia | #hacking | #aihp


Want to turn $500 into $10,000 with very little effort?  Of course, you do! Scammers are taking advantage of people’s get-rich-quick dreams by promoting “money flipping” scams on social media, and BBB is seeing dozens of reports each month about these cons.

How the Scam Works:

You see a photo of a pile of cash on social media. In the caption, the user brags about having “flipped” a couple hundred dollars into thousands. Want to do it, too? It’s easy. Just message the account holder. The “investor” will ask you to send money – typically $300 to $800 – through Cash App or another digital wallet service. Then, they “invest” your money in the stock market where it multiples in a few days.

Sounds great, right? Here’s the catch. When you try to get your money back, the scammer claims that Cash App charges a fee to return it. In other cases, the con artist alleges that you first need to pay taxes to the Internal Revenue Service. Some victims report sending thousands of dollars in phony fees. Every dollar you pay for money flipping – from the initial “investment” to the alleged taxes – is going straight into the scammer’s pocket. You won’t see any of your money again.   

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