The scammers claim that they can take your money and make you up to x10 times. They create an email, Instagram, and other social media accounts making claims about flipping money through investments, the stock market, or claiming that they are employed by a large bank that allows them to add zeros to the money you deposit on a prepaid card. Needless to say, the reviews and screenshots are fake and designed to help lure potential victims.
Please note: If the money flip scammers are in possession of your personal information, identity theft may occur. How do scams lead to identity theft?
Is there such a thing as a legitimate money flip?
The short answer: Hell, no!
Usually, a money-flipping scam is positioned as a fast, online investment business. But it’s never referred to as an investment, it’s referred to as “flipping.”
The idea is that you only need to invest a small amount of money, usually in the hundreds or even less, and through some complex investment maneuvers through hedge funds, the stock market, currency markets, or even large banks your hundreds grow into thousands.
Sometimes the scammer even claims to work for a large bank and has the ability to add zeros to your “flip” under the condition that you split the money with them.
Everything is fake
The photos, the testimonials, and especially the promise of receiving any amount of money including the money you’ve been asked to invest or flip.
Our investigations into Common Scams of 2023
Money-flip scams over the phone
Quite often, these ads will have a phone number inviting you to talk to one of their investment specialists. The person will ask you to make a small investment so you can test the system. Usually, the amount is $25 to $100 dollars, but the scammers will be quick to up that amount if the victim sounds like they’ve bought into the scam. They’ll even promise to stay on the phone with you while your money is flipped into thousands of dollars.
The scammer will request that the money be delivered either via wire transfer, Western Union MoneyGram, or ask for bank details including the bank routing number and your account number.
After about 20 or 30 minutes of small talk and occasional holds, while listening to muzak, the victim is informed that the amount sent only satisfied 90% of the flip and they require an additional payment to complete the flip.
At this point, some victims wise up and protest, but the scammer hangs up and blocks all further contact. Any efforts by the victim to recover their money usually fail because the scammer used the 20 or 30 minutes to redeem the money and cut off any recourse for a refund to the victim.
Some money-flip scammers look and sound quite professional
The ads and websites for the money-flip scam usually have all of the ingredients you would see in a legitimate investment opportunity. The overall design looks professional, the communication is usually well written and organized and the testimonials and photos appear to be genuine. That’s what makes the money-flip scam all the more threatening.
Once again, when it’s too good to be true…
The fundamental premise of the money-flip is money for nothing. That alone should be the biggest clue that the money-flip is a scam. Standard behaviors apply to avoid this or any other scam.
- Never pay an upfront fee for anything you are not 100% sure of.
- Never give anyone your bank account information unless you are 100% confident of the transaction.
- Never believe that there is such a thing as money for nothing.
Attention: Consumers who have been contacted by money flip scammers could have had their personal information breached. TotalScam!™ highly recommends that consumers whose information has been breached obtain identity theft protection service immediately.
There are several companies that offer identity theft protection in the US. One of the most inexpensive options we were able to find is the protection offered by LifeLock. You can start your protection here.
Disclaimer: The information and opinions contained on this site are not endorsed by LifeLock. TotalScam!™ receives compensation from LifeLock. This helps support our scam prevention efforts.
Fraudulent websites can be easily spotted by looking out for these 5 red flags. Learn about them by visiting the following this link: How to tell if the website is a scam in 5 steps.
Yes. If scammers are in possession of your personal information, they can use that to steal your identity. For more on this subject, please read: How scams lead to identity theft.
There are various ways in which scammers gain access to your personal information. One such way is by purchasing consumer data on the darknet. When a website is hacked, which happens quite often, hackers steal databases containing personal information and sell that to the highest bidder. This information is then used to steal identities, ruining lives in the process. For more on this subject, follow this link: How scams lead to identity theft.
It depends on the method of payment. For more on this subject, please read: How to recover your money if you’ve been scammed.
Most scam artists reside outside of the US and use threats to exact more money from their victims. Nevertheless, all threats should be taken seriously, especially if scammers have your name and address.
Money-flip Scam Blacklist
The following phone numbers, websites, and emails have been reported to us by the consumer. If you feel this information is incorrect, you may submit a request for removal or correction by contacting us using this form.
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