Social media is being used to lure victims into an old scam called flipping cash.
Fraudsters are advertising ways to turn $100 into $1,000 by flipping cash .The idea is that investors can take advantage of so-called quirks in the financial system to turn a few hundred dollars into thousands. According to the scammers. it’s as easy as sending a prepaid debit card to a certain address.
But experts on fraud warn that the only people making money on this are the scam artists, who take the debit cards that are sent and are never heard from again. People ask, ‘Is flipping cash legal?’, and technically the answer is ‘Yes’ because victims are voluntarily sending the debit card details, but not from the moral perspective of the scammers keeping their promises. Once con artists have access to the cash on the debit card, they often block the victim from contacting them after taking the cash and never make good on their promises.