Cases of cryptocurrency fraud have become more frequent on TikTok

The Better Business Bureau (BBB), a private non-profit organization, has issued a warning about cryptocurrency fraud on the social network TikTok. Thus, the Scam Tracker service, owned by the BBB, receives daily complaints from social network users whose cryptocurrency has been stolen.

It turned out that attackers don’t need to come up with elaborate schemes to lure digital assets. Most often, fraudsters simply publish videos showing a significant amount of cash, and a voiceover says that they earned it in just a few days by investing in digital assets. The fraudsters promise that the returns on the invested cryptocurrency will triple in just seven days. The attackers leave their contacts on WhatsApp or Telegram, where they first offer the «client» to transfer several hundred dollars using PayPal, Venmo, or Zelle payment services. If there are those who suspect the scam and want to get their money back, the fraudsters will demand a commission. However, that’s not all. Attackers can psychologically terrorize the victim and even threaten to sue. This leaves the victims with no way out. «Unfortunately, any money you send will end up in the pockets of fraudsters. You will not get your investment back and you will not get your initial deposit back,» the BBB warns.

Cryptocurrency fraudsters have been very active lately. Just a few days ago, the American company Uber Technologies became a victim of a hacker attack — the attackers managed to hack Uber and gain access to the company’s confidential data. The hackers attacked the platform’s internal computer systems, emails, cloud storage, and Slack server. The hacker managed to convince an employee of the company to send him the password, which allowed him to access all the company’s systems.