SCARS Institute's Encyclopedia of Scams™ RomanceScamsNOW.com Published Continuously for 25 Years

SCARS Institute’s Encyclopedia of Scams™ Published Continuously for 25 Years

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Social Media Money Flipping Scam

How Scams Work

A SCARS Insight

Social Media Scams Come In Every Imaginable Kind! This IS Just One More!

In this case, scammers are using social media platforms and banking apps to solicit large sums of cash from victims.

This is very similar to Pig Butchering scams.

Money Flipping

Social media companies are seeing a series of legitimate accounts being hijacked by scammers advertising unrealistic money-flipping opportunities.

These fraudsters claim they will exponentially increase a victim’s funds once provided via Cash App. These scammers will often have legitimate-looking profiles displaying strangers with large sums of cash resulting from their participation in these fraudulent investments.

Do not be confused, these are not traditional romance scams or ever Pig Butchering scams, they do not depend on a romantic interest in the scammers to trigger the trust. However, these are definitely impersonation scams.

How It is Implemented

  1. Scammers contact the victim directly via private messenger, often using accounts stolen from the victim’s friends.
  2. The scammers will offer returns larger than the victim’s investment at no interest and no risk.
  3. If the victim sends money, communications are either ceased or scammers will send fake Cash App screenshots indicating the victim’s money has already increased.
  4. They then request more money with the promise of more returns that the victim will never see.
  5. If the victim sent money or not, the scammers often suggest money is pending in the victim’s Cash App account but requires replacing the email address connected to the victim’s social media account with one provided by the scammers.
  6. Once done, the scammers reset the password and take control of the account.
  7. Once they have control, the cycle continues, now against the victim’s followers, friends, or family.

Means Of Defense

Use dual-factor authentication (DFA) or multi-factor authentication (MFA) when available (almost all social media platforms offer it). Though many find this inconvenient, having DFA prevents accounts from being hijacked simply by email reset. This helps prevent many forms of account hijacking and can also alert users of hijack attempts.

Do not change your account information based on outside requests. There is no legitimate reason to change your account information to that of someone else’s. Cash App is not locked by social media settings and anyone that attempts to convince you otherwise is likely attempting to gain access to your information. Be cautious.

Do not click on links and verify who you’re conversing with. If you are having an unusual conversation with someone on social media and they attempt to solicit money or account information, question this and give them a phone call. Talk to your friends live, ask questions, be skeptical, and do not click on links as they may be directing you to a malicious webpage. Online, anyone can be anyone else. Trust, but verify. If the money transfer application has a security pin feature that requires PIN entry before authorizing a transfer, use it!

SCARS Publishing Self-Help Recovery Books Available At shop.AgainstScams.org

Scam Victim Self-Help Do-It-Yourself Recovery Books

SCARS Printed Books For Every Scam Survivor From SCARS Publishing

Visit shop.AgainstScams.org

Each is based on our SCARS Team’s 32-plus years of experience.

SCARS Website Visitors receive an Extra 10% Discount
Use Discount Code “romanacescamsnow” at Checkout

Always Report All Scams – Anywhere In The World To:

Go to reporting.AgainstScams.org to learn how

U.S. FTC at https://reportfraud.ftc.gov/#/?orgcode=SCARS and SCARS at www.Anyscams.com
Visit reporting.AgainstScams.org to learn more!

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Published On: June 18th, 2022Last Updated: June 18th, 2022Categories: ♦ HOW SCAMS WORK, 2022, InsightsTags: , , , 0 Comments on Social Media Money Flipping Scam496 words2.5 min readTotal Views: 999Daily Views: 1

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Important Information for New Scam Victims

If you are looking for local trauma counselors please visit counseling.AgainstScams.org or join SCARS for our counseling/therapy benefit: membership.AgainstScams.org

If you need to speak with someone now, you can dial 988 or find phone numbers for crisis hotlines all around the world here: www.opencounseling.com/suicide-hotlines

A Note About Labeling!

We often use the term ‘scam victim’ in our articles, but this is a convenience to help those searching for information in search engines like Google. It is just a convenience and has no deeper meaning. If you have come through such an experience, YOU are a Survivor! It was not your fault. You are not alone! Axios!

A Question of Trust

At the SCARS Institute, we invite you to do your own research on the topics we speak about and publish, Our team investigates the subject being discussed, especially when it comes to understanding the scam victims-survivors experience. You can do Google searches but in many cases, you will have to wade through scientific papers and studies. However, remember that biases and perspectives matter and influence the outcome. Regardless, we encourage you to explore these topics as thoroughly as you can for your own awareness.

Statement About Victim Blaming

Some of our articles discuss various aspects of victims. This is both about better understanding victims (the science of victimology) and their behaviors and psychology. This helps us to educate victims/survivors about why these crimes happened and to not blame themselves, better develop recovery programs, and to help victims avoid scams in the future. At times this may sound like blaming the victim, but it does not blame scam victims, we are simply explaining the hows and whys of the experience victims have.

These articles, about the Psychology of Scams or Victim Psychology – meaning that all humans have psychological or cognitive characteristics in common that can either be exploited or work against us – help us all to understand the unique challenges victims face before, during, and after scams, fraud, or cybercrimes. These sometimes talk about some of the vulnerabilities the scammers exploit. Victims rarely have control of them or are even aware of them, until something like a scam happens and then they can learn how their mind works and how to overcome these mechanisms.

Articles like these help victims and others understand these processes and how to help prevent them from being exploited again or to help them recover more easily by understanding their post-scam behaviors. Learn more about the Psychology of Scams at www.ScamPsychology.org

Psychology Disclaimer:

All articles about psychology and the human brain on this website are for information & education only

The information provided in this article is intended for educational and self-help purposes only and should not be construed as a substitute for professional therapy or counseling.

While any self-help techniques outlined herein may be beneficial for scam victims seeking to recover from their experience and move towards recovery, it is important to consult with a qualified mental health professional before initiating any course of action. Each individual’s experience and needs are unique, and what works for one person may not be suitable for another.

Additionally, any approach may not be appropriate for individuals with certain pre-existing mental health conditions or trauma histories. It is advisable to seek guidance from a licensed therapist or counselor who can provide personalized support, guidance, and treatment tailored to your specific needs.

If you are experiencing significant distress or emotional difficulties related to a scam or other traumatic event, please consult your doctor or mental health provider for appropriate care and support.

Also read our SCARS Institute Statement about Professional Care for Scam Victims – click here to go to our ScamsNOW.com website.

If you are in crisis, feeling desperate, or in despair please call 988 or your local crisis hotline.