With Instagram being one of the most popular social media platforms used today, you’d think the platform would be more aware of the Instagram Money Flipping scam. However, I’m really not surprised that the higher-ups haven’t done more about it. With over 1 billion active users online to date, it can be pretty hard to keep up with something like this. This kind of scam does a pretty good job of hiding what is actually beneath the surface.
Before I joined Wealthy Affiliate, I hate to admit, I even fell prey to this scam.
Let’s take a closer look at how this scam operates so you can protect yourself from it in the future.
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Instagram Money Flipping Scam: THE TRUTH
The Instagram Money Flipping Scam or Instagram Money Pak Scam works in pretty much the same way as other scams promising for a higher return of money. However, the only difference is the platform that is used.
You see on Instagram; you will come across a variety of profiles posting pictures of people holding money or random text messages thanking said poster. Each of these posts will have a small description, claiming THEY ALONE can help you turn a small investment into hundreds if not thousands of dollars. The most popular type of claim is to turn $100 to $1000, $200 to $2000, $300 to $3000, and so on and so forth.
Typically, these types of scammers will claim that they have special software in order to do this, usually by hacking the servers of companies such as Western Union, MoneyGram, or Green Dot in order to manipulate how the money reads in their system.
How Does it Work?
What will happen is once you contact the poster on the Instagram account, they will usually direct you to send money to them via Money Gram, Western Union or Green Dot. Then once the money is sent, they will ask you to give them a few minutes so they can hack into the company server to flip the money you originally invested.
How kind of someone to do this for free, right?
Wow, does it Really Work?
In a way yes…for the scammer at least.
You see, when you send money in order to be “flipped,” the only person to profit is the scammer who just takes your “investment” and runs away with it. This is where you need to be especially careful because the moment you realize you have been scammed; it is typically too late to even get your money back.
Remember, in the end, this is a scam that only benefits the scammer. You will be the only one who loses the money you “invest.”
Ok, so It’s a Scam. What Do I Do to Protect Myself?
Now that you know what the Instagram money flipping scam is, the next step is to protect yourself. There are several ways to do this:
If ANYBODY asks you to transfer money to them via Money Gram, Green Dot or Western Union, just don’t do it!
This may seem like common sense to some, but you would be surprised what desperation can do. Hell, I consider myself a smart cookie and even I fell prey to this very scam not too long ago. The moment somebody online asks you to transfer money, don’t do it and report them. END OF STORY!
Almost 100% of the time when someone does this online, they are more than likely trying to scam you.
Always, ALWAYS Do.Your.Research!
If there is one thing, I pride myself on is advocating for research ANYTHING and EVERYTHING before jumping into it. If you come across any of these scams on Instagram or any social media platform for that matter, make sure that you take the time and research it ahead of time. Be sure to look for honest reviews on websites and forums to get a better understanding of what it is you are dealing with.
By educating yourself, you can do yourself a favor and possibly save yourself from falling prey to another scam in the future.
So, who is Responsible for this Scam?
The problem with narrowing down a culprit is that there are hundreds if not thousands of people running this whole operation online. The main issue is that even when one account is taken down, another will soon pop up in its place.
Be wary of the following usernames on Instagram. Also, be sure to head on over to the #instagrammoneyflip or #moneypakflip hashtags to get a better look at some of the biggest players in this flipping scam.
Usernames to be wary of:
Instagram Money Flipping: The Bottomline
Look, I have been in your position before. I KNOW how the potential to have more money at a moment’s notice may seem like a godsend. I KNOW how tempting it can be to throw caution to the winds and say, “Fuck it, I’m going for it.” But I promise you, you’ll only end up losing any money you give these people and will only end up causing more stress for yourself in the long run.
Avoid sending money to these people and report any accounts that you see like this! Who knows, you may end up saving someone from becoming a victim.
Have you fallen prey to one of these scammers? If so, don’t hesitate to drop a comment below and reveal some of these scammers so others know to avoid them too!