Ghanaians have not yet woken up from the aftermath of the closed down of Menzgold and trading in cryptocurrency companies like Global Coin Community Help (GCCH), Wealth Drive Ghana Limited (WDGL) but the quest to make more money has not reduced in anyway. Customers are practically mourning for their loss despite the pressure on Government to assist them to retrieve their lost investments; others are still taking advantage of the situation. Since money is not easy to come by today, anything enticing and tempting as making quick money is welcoming to a lot of people. Thus taking advantage of a “cheap” opportunity to make lots of money within a short possible time may seem like a smart decision.
The Economic and Organised Crime Office has a mandate to educate the general public on crime trends and also to prevent the commission of a crime. Currently what is being paraded on social media sites like Instagram, Twitter and Facebook is what is called the Money Flipping or Cash Flipping.
What is Money Flipping?
Money flipping is technically “investing” money but referred to as “flipping”. It is a process whereby the amount you send is flipped and multiplied by three (3) through the process of cryptocurrency. The aim is to let people send money through Western Union, Money Gram or inform you of forex trading or to get your bank details. You only have to invest small amount of money to get huge return in a short possible time. It is a fast online investment business, actually minutes.
It is a scam. You will see advertisement like; turn or flip $50 into $500 or $200 into $2,500 in as little as 30 minutes or make $200 per hour from home today.
Scammers use these social media site to lure unsuspecting victims and dupe them of huge sums of money. These scammers post promoting videos on “money flipping”, supposed customers’ thank you messages that pops up on people’s newsfeeds. It usually photo of cash and captions that asserts how easily a small amount of money can be “flipped” into a large amounts. The whole process seems legitimate but it is a scam.
How it is done
The interested person would direct message (DM) them, the scammer would call with directions to put money on a prepaid debit card from a local convenience store and then share the card number and pin with this “investor” and he/she will flip the money for the interested person.
The prepaid debit card number and pin allow anyone with them to withdraw the money on the card. After the interested person shares this information with the “investor,” the “investor” usually drains the card and then blocks the interested person from contacting their social media account.
Tips for Spotting “Money Flipping” Scams:
- Search Online – Before contacting the social media account promoting the “investment,” search online for their username and phone number. You might find other victims have posted complaints and other information.
- Prepaid Debit Cards = Cash – Remember to treat prepaid debit cards as if they were cash. Anyone with the card number and pin will be able to withdraw the money. If you wouldn’t give a stranger cash then don’t give them the account information.
- Trust Your Instincts – If it sounds too good to be true it most likely is. Users should trust their instincts and use common sense when trying to supplement their income. Get rich quick schemes rarely have the payback they promise.
- Be Aware of Hacker Hostages – While you may share similar interests with your online friends, you shouldn’t trust their online content as it may not actually be them liking and sharing the posts you see. Hackers may have taken over their accounts or they may be victim to clickjacking, a technique used by scammers to trick people into clicking something they normally wouldn’t (Source: https://www.stopfraudcolorado.gov/fraud-center/digital-fraud/money-flipping-scams.html).
Money flipping has been in existence for some time now but it is gaining popularity. Check and cross check any information online before leaving your debit card details. Stay Safe.