WICHITA FALLS, Texas (TNN) - Monica Horton joined Brian Shrull in studio to talk about “money flipping” scams on social media.
The Better Business Bureau says they see dozens of reports each month that promise quick money through Cash App.
Scammers rope consumers into the scheme by posting on social media that they “flipped” a few hundred dollars into thousands and that anyone else can too if they message the account holder.
The scammer asks the consumer to send anywhere from $300 to $800 through Cash App and claims they will invest the money in the stock market where it will multiply in a few days.
The BBB has put together a list of tips to avoid money flipping scams:
- Before contacting a potential scammer, search online for their username or phone number. If its a scam, its likely victims have posted complaints or other information.
- Anyone who claims to be able to change a small investment into piles of money in mere minutes is a scam artist.
- Treat Cash App like actual cash. Once money is sent through Cash App, you may not be able to get that money back.
- Be able to tell a Cash App giveaway from a scam and always make sure the giveaway is real before you respond.
Cash App is now a popular payment method for scammers so always be careful when using it.