TikTok Struggles to Combat Elon Musk-Themed Crypto Scams
If you’re a user of the popular social platform TikTok, you need to be wary of cybercriminals using cryptocurrency scams featuring Elon Musk as bait. With over one billion active monthly users, TikTok is struggling to keep up with the onslaught of scams. These scams often involve deep-fake videos of Musk being interviewed by FOX News.
The scammers present a link to a fake website that imitates a legitimate crypto platform. They then ask unsuspecting victims to log in and redeem a promotional code that doesn’t actually exist. Bleeping Computer conducted a test and found that all of these counterfeit TikTok Musk scams use the same template to trick people.
This year, scammers have been using images and names associated with Elon Musk, Tesla, SpaceX, Ark Invest, Gemini, Ripple (XRP), Michael Saylor, and more in their counterfeit videos. If you come across such videos, tweets, or emails, it’s important to report them to help the developers of TikTok address the security breach more quickly.
The Federal Trade Commission (FTC) has expressed concerns about phishing scams on social media. According to the FTC, these scams have resulted in a staggering $80 million in lost cryptocurrency.
Hot Take: Protect Yourself from Crypto Scams on TikTok
As a crypto enthusiast on TikTok, it’s crucial for you to stay vigilant against the rising tide of Elon Musk-themed cryptocurrency scams. These scams can easily deceive unsuspecting users with their deep-fake videos and fake websites.
To protect yourself, be cautious when encountering videos or messages promoting crypto giveaways involving Elon Musk or other prominent figures. Always verify the legitimacy of any links or websites before entering your personal information or login credentials.
If you come across a suspicious video or message, report it immediately to TikTok. By doing so, you can play a vital role in helping the platform’s developers combat these scams and ensure the safety of its users.
Remember, phishing scams on social media can result in significant financial losses. Stay informed and stay safe!
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