How not to get rich fast online but instead lose money quickly to a scammer.
The “investor” will ask for $300 to $800 or some other amount to be sent through Venmo, Cash App, or another digital wallet service. Then they’ll “invest” the money in the stock market where it multiplies in a few days.
Here’s the catch. When users try to get their money back, the scammer claims that the digital wallet app is charging a fee to return it. In other cases, the con artist alleges taxes are owed to the Internal Revenue Service before the funds can be released. Some victims report sending thousands of dollars in phony fees. Every dollar paid for money flipping — from the initial “investment” to the alleged taxes — is going straight into the scammer’s pocket, never to be seen again.
See the BBB recommendations to avoid a money flipping scam:
The “investor” will ask for $300 to $800 or some other amount to be sent through Venmo, Cash App, or another digital wallet service. Then they’ll “invest” the money in the stock market where it multiplies in a few days.
Here’s the catch. When users try to get their money back, the scammer claims that the digital wallet app is charging a fee to return it. In other cases, the con artist alleges taxes are owed to the Internal Revenue Service before the funds can be released. Some victims report sending thousands of dollars in phony fees. Every dollar paid for money flipping — from the initial “investment” to the alleged taxes — is going straight into the scammer’s pocket, never to be seen again.
See the BBB recommendations to avoid a money flipping scam: