Flipping Money Scams on Social Media Websites

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The New York State Department of State’s Division of Consumer Protection is alerting consumers to watch out for ‘Flipping Money’ scams on social media websites.

The scam begins in the form on online ads, particularly on social media, claiming that it is easy to turn $100 into $1,000 in a short period of time through various kinds of investments.  The ads will often feature a person with loads of cash with some sort caption stating how easy it was to make this money along with contact information for consumers to reach them.  These sorts of ads prey on consumers who are in tough financial straits and looking for a possible way out.

After initial contact is made, the scammer will advise the consumer to purchase a prepaid Vanilla, MoneyPak, or other reloadable prepaid card.  The individual is then instructed to send the scammer the card information so they can use the funds on the prepaid card.  Once the money is received, the scammer will block the victim on social media and cut off other forms of communication.  Many scammers use aliases which make them difficult to find once they stop contact with the victim.

Here are some tips to keep in mind to avoid flipping money scams:

  • Never give your personal information to someone online you do not know.

  • Be careful when clicking online ads as they are a prime tool for online scammers to gather your personal information.

  • If asked to provide prepaid card control or PIN numbers, do not respond.  Instead, contact law enforcement and report the incident.

  • People claiming they can turn small amounts of up-front money into large amounts in a very short period of time are trying to scam you.  Simply avoid and do not click on these types of ads.

  • Do some research to verify the person or company behind the ads is legitimate.  If you are still unsure, do not click their ad or contact them.

  • If something sounds too good to be true, it probably is.

For more information regarding identity theft prevention and mitigation, please contact the New York Department of State, Division of Consumer Protection at (518) 474-8583.