TIKTOK users have been warned about cryptocurrency scams that are pretending to be affiliated with Elon Musk and his companies.
China-based social media platform TikTok is being flooded with fake cryptocurrency giveaway scams.
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HOW DO THESE SCAMS WORK?
Crypto giveaway scams comprise criminals pretending to give away prizes to participating users as a way to steal their funds.
They do this by asking victims to provide their personal information or even send money in cryptocurrency in order to participate in the “giveaway.”
Cybercriminals will often create a site or social media page to make their scam seem more legitimate.
The pages are often affiliated with a large tech company – in this case, Elon Musk’s companies.
Moreover, the Musk scams plaguing TikTok involve deepfake technology videos of the billionaire promoting the giveaways.
To participate in the scams, users are told to register on the website and enter a promo code that is displayed in the TikTok video.
Once they’ve done that, the website makes it appear as if they have been awarded a large amount of cryptocurrency.
However, in order to withdraw the cryptocurrency, users are required to make a deposit.
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Once they do this, the scammers steal their deposit and disappear for good.
Users are advised to steer clear of any site that asks them to “donate” cryptocurrency funds in order to receive a prize.
HOW TO STAY SAFE
Do not click on links in emails or social media messages from people you do not know.
Furthermore, only enter your personal information on websites that you trust.
Never send cryptocurrency or money to someone you don’t know and trust.
As always, keep your software up to date, including your web browser and antivirus software.
