Money Flipping Scam

Money flipping scams have been around for a while. The “fast cash” scheme has evolved and is prevalent on the internet through mediums like social media and online advertising websites. Fake profiles are created on sites like Twitter and Instagram with attractive images of cash or users posting with stacks of money promising to help you make a profit fast. A phone number is usually provided or the user may ask that you contact them through the social media site for details. Responders are told they have an opportunity to turn a modest amount of money to thousands the same day. Generally, for every $100 “invested” a return of $1000 will be received. The more you put up, the more you are guaranteed to make.

The participant is prompted to purchase a reloadable prepaid debit card and topping it off with the amount they want to invest. After loading the card they are instructed to provide the contact with the card number on the reloadable card, the amount, and the PIN number. The contact is then supposed to tweak the balance by adding a few extra 00’s to the amount and funds made available in less than an hour. In some variations the participant is told to wire money to a specific contact name with the promise of receiving a tracking number to retrieve their money.

But as you may have guessed, the money flipping is a flop. Participants are now victims of a scam and the transactions are virtually untraceable. The scammers block the participant from contacting them and the money sent is gone.

If you’re tempted to “invest” in money flipping BCA suggests that you think twice. Anyone promising loads of cash for a small investment is usually a scammer looking to defraud you. It’s best to find other means to supplement your income like taking on a part-time employment or selling items you own. Some other useful tips to avoid getting scammed are:

• Always check out an offer first with BCA.
• Never give your personal and financial information to anyone unless you have researched them and know what they will use the information for.
• Under no circumstances should you ever give out you PIN.
• Avoid wiring money or using reloadable prepaid cards to send money to anyone you do not know, to make a purchase, or to take advantage of a business opportunity. This is not a secure way to transact business and any money sent to a scam will be lost.
• If you have been a victim of a money flipping scam, file a complaint with BCA.