This scam was very common in 2019 and reappears occasionally, but fortunately a lot more people know this is a scam so it doesn’t spread as rapidly as previously.
The scam is most prevalent on Instagram in particular but also to a lesser degree on Facebook, Twitter and other social media and is known as money flipping.
The scammers advertise that they can flip your money – that is to change a small amount into a large amount in hours. Often the offer is to add a zero to your account e.g. change $100 into $1000.
How does the scam work?
People are conned into believing this is possible by photos posted of people who had their money flipped, testimonies of people who’ve made a fortune this way etc.
Of course none of it is possible – it’s just a simple scam to catch greedy people.
You contact the scammer and they tell you to buy a Western Union card or Green Dot Moneypak card or some other pre-paid money card and load it with $100 or $200 or $500 etc. as you wish.
Then to get it flipped into $1,000 or $2,000 or $5,000 etc. you give them the card details so they can multiply your money but instead they simply empty your card into their account and your money is untraceably gone.
A surprisingly large number of people have been caught out by this scam and there are endless scammers trying it.
Instagram and the other social media networks are trying to remove the scammers but as soon as one account is deleted up pops another one.
If something is too good to be true – it almost certainly is a scam.
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