Examples of money flipping posts on social media.
There have been reports of a rise in money flipping schemes, targeting consumers who’ve run into financial trouble due to pandemic-related unemployment.
Money flipping is an attempt by scammers to lure consumers with promises of a payout. The target of the scam is required to pay a small amount up front in order to earn a larger return on their money.
Money flippers are taking advantage of today’s uncertain climate by posting about fictitious charities on social media. In their posts, they describe how they will donate money to you if you give them your banking information. The banking information is then used by the scammers for future fraud.
Another scenario involves false claims by the fraudster, saying that they can double or triple your money. In this case, you’re asked to make a cash payment through a third party money transfer app, and the scammer promises you more money in return. The fraudster then steals your money, and cuts off all contact with you. Since you consented to the transfer, it becomes almost impossible to dispute the transaction.
Please remember to never share your personal and/or identifiable information, and to be cautious about what you post online. If you or someone you know has fallen victim to one of these schemes, please notify our risk department. You can also report any Covid-19 related fraud to the National Center for Disaster Fraud at 1.866.720.5721 or disaster@leo.gov.
