BBB warns of TikTok cryptocurrency scams

WAUSAU, Wis. (WSAW) – Investment scams have been on the rise over the last two years and experts want you to know what to watch out for.

As the popularity of TikTok continues to grow, so do cryptocurrency scams.

Imagine yourself scrolling through TikTok and you see a video of someone holding a big wad of cash. They tell you they earned that money by investing in cryptocurrency in just a few days. That investor says they can help you earn that money for a modest fee.

These cryptocurrency scams can be tempting, but the Better Business Bureau says to do your research on the scammer, don’t give into scare tactics and treat every digital wallet like cash.

To put it simply, be smart with your money.

“TikTok is really very common. It seems to be really common with the younger generation, and that’s often who con artists like to target. You, get them right off the bat. Get people that maybe have not had much experience,” said Lisa Schiller, media relations for the BBB.

These scammers will try to con people for as long as they can to get as much money as possible. Any money you send will end up in their pockets with no return on your investment.

The BBB is also encouraging people to report scams to its scam tracker website. You can also file a complaint if you have the name and address of the scammer.

Copyright 2023 WSAW. All rights reserved.