Money Flipping scams predate the internet. The concept is simple as it is daring. A fraudster claims he has some secret knowledge or trick that can double your money in a certain time period if you just send it to him.
The scam has found its way into social networks and is being actively deployed on Instagram. But recently, scammers have refined their techniques in the way they deploy this scam. They now resort to account hacking and impersonation. This technique exploits our human nature of trusting people we know or we look up to.
How it works
The modus operandi of their operation is to hack an existing user’s account and then direct people to a fake Instagram account. Once an account is hijacked from an existing user, the ability to comment on posts is disabled. At that point, the scammer starts posting about a current business investment and directs people to a scam account impersonating someone else.
Below is a screenshot of someone who had their Instagram account hacked, the scammer began posting with the account about a recent investment that she invested in and received her money back almost immediately.
As earlier stated, what the scammers are seeking to achieve is to confer legitimacy on their fraudulent Instagram account. They know that an account that starts posting out of the blue about an investment opportunity that yields returns of 300% might be suspicious. But if the message is coming from an account or accounts that are trusted then the message becomes less suspicious. Hence, their need to hijack the accounts of other Instagram users. Below is a screenshot of the fraudulent Instagram account.
Below are screenshots of a WhatsApp chat with the scammer.
Secure Your Social Media Account
This type of scam brings to the fore the need for users of social media to be serious about securing their accounts. If you have an account on any social network, you should realize that such an account is now a target for fraudsters, who will leverage it to swindle all those connected to the account. As such, securing your social media accounts has become imperative because failure to do so could put those in close contact with you at risk.
Prevention
To secure your accounts, you need to practice good password hygiene. Use different passwords for all your social media accounts and make sure such passwords are complex. You can easily achieve this by using a password manager. Also, make sure you enable two-factor authentication on all your social media accounts. In summary, you should be on the lookout while on social media. Be suspicious of anything the looks out of place, don’t trust the content being shared by friends as hackers might have taken over their accounts. Before contacting any social media account promoting an investment, search online for their username and phone number, you might find information or complaints from other people. Remember, if it sounds too good to be true, then it most likely is.