Crypto scams on TikTok: How scammers target job hunters

Key takeaways

• Job seekers have been exposing crypto scams offering remote work opportunities that promise easy ways to make money.
• TikTok job scams involve paying upfront fees or deposits to access tasks with the promise of being paid a commission.
• Young people are particularly prone to job-related scams and crypto fraud on TikTok.
• Scammers targeting job seekers aren’t always after money. Sometimes, they ask you to fill out detailed job applications to extract personal data and financial information.

You might want to be cautious if you’re job hunting and scrolling through TikTok. Scammers are getting clever by targeting job seekers with crypto scams. They create enticing job offers or investment opportunities that seem too good to be true — because they are. These scams often promise high returns or easy money but cost you far more. 

This article explores how these scams work, what red flags to watch for, and how to protect yourself from falling victim. 

What are TikTok crypto scams?

Criminals use TikTok to advertise fraudulent schemes and deceive users into paying them money. Scams take various forms but often follow similar patterns. They either trick you into sending cryptocurrency or handing over personal information. 

TikTok has rapidly become a leading social media network. In fact, in 2024, it crossed the one billion user mark. However, the fast-moving app is attracting cyber criminals, leading to an increase in reported social media job scams. 

Young demographics are more prone to job-related scams and get-rich-quick investment fraud on social media. The TikTok scam statistics are so concerning that the United States Federal Trade Commission (FTC) slammed TikTok as a “goldmine for scammers.” 

Over the years, social media has been leveraged to promote all types of common online scams, including Ponzi schemes, fake investments and phishing attacks. Recently, TikTok has been home to a new type of fraud: crypto scams targeting job hunters.

How scammers use TikTok to target job hunters?

AI, coupled with the explosion of remote working, is fuelling a jump in job-related social media crypto scams. In 2023 alone, this type of employment fraud surged 118%. 

Fraudsters make fake TikTok accounts to advertise life-changing remote work opportunities. They promise a large wage for just a few hours of work each day. AI tools allow scammers to create job listings and messages that feel legitimate and even create deepfake videos of celebrities and influencers.  

Adding to this, the growth of remote work means job seekers have become comfortable with digital-only work relationships. Workers might never see a real person during a hiring process, only interacting via DMs or Whatsapp.

You might wonder, “How do scammers benefit from job opportunities?” Well, once the scammers have you in their sights, there are two objectives:

• Get money: Fraudsters will give you the job, but only if you “pay” first. This could be a deposit, account verification or another investment. Early on, they might be paying you for your work to build your confidence before proposing the larger life-changing investment opportunity.
• Get information: Sometimes, it’s not about the money. They often hope you’ll fill out an application with personal data, including social security number, date of birth and home address. This data is then sold or used to clone your identity.

Did you know? Scammers sometimes impersonate well-known crypto experts or companies on TikTok? They use these impersonations to gain your trust and convince you to invest in their fraudulent schemes.

Identifying common crypto scams on TikTok

Crypto scams are hard to identify initially but if you look closer you’ll notice several common “red flags.”

• Too good to be true: The clear sign of a TikTok crypto scam. If you see an advert or are approached with a chance to make quick and easy money via crypto, then it’s likely a scam. 
• Unverified accounts: Scammers often create fake “lookalike” accounts to pose as well-known brands. Verified brand accounts should have a blue tick, correct spelling, a strong follower count and engagement metrics.
• Pressure tactics: fear of missing out (FOMO) often drives the cryptocurrency market. Fraudsters use this to their advantage by pressuring you to make a decision or investment as soon as possible, usually with short-window offers.
• Lack of transparency: If it isn’t clear who the “people” behind the offer are, then it is a warning sign. Missing or flimsy details about an opportunity or investment is another huge red flag. 

So, what do you need to look out for as a job seeker?

Signs of a job-related crypto scam

If you are offered an amazing job paid in crypto, slow down and check for the five signs of a job-hunting crypto scam. 

• Upfront fees: If the “employer” asks for upfront payment at any point, run for the hills. Even if you are making a profit initially, quickly, you’ll find the deposit amount increases significantly. One day, your “employer” will vanish, leaving you jobless and broke.
• Vague job descriptions: A lack of clear information about the role, responsibilities and company details is an obvious sign of a job scam. 
• Unskilled or low-value work: If you think you’ll make thousands each month for just a couple of hours clicking around the internet each day, think again. Realistically, low-value work like this isn’t going to pay such huge wages.
• Unprofessional communication: If the communication feels unprofessional, such as TikTok DMs or WhatsApp only, then it’s unlikely to be a legitimate business.
• Unusual payment methods: Even with wages paid in crypto, legitimate companies will still provide proper documentation on salaries, taxes, pay slips and pension contributions.

Protecting yourself from TikTok crypto scams

Avoiding TikTok crypto scams is becoming harder as fraudsters add sophistication. However, there are several simple TikTok scam prevention tips to protect yourself from crypto scams. 

• Research: Spend time researching the company thoroughly, including checking its business registration, owners, online reviews and trading history. You could even contact other employees on platforms like LinkedIn. 
• Avoid upfront payments: Never pay upfront fees, no matter what the employer is promising. This includes any equipment, recruitment fees or investments. 
• Use official channels: Use reputable job portals or official company websites to apply for jobs. Legitimate companies don’t recruit solely on TikTok.
• Educate yourself: Stay up to date on common crypto scams and how to spot TikTok scams.  

Did you know? Up to 50% of investment scams happen on social media platforms like TikTok, Instagram and Facebook, and it’s estimated that $1.5 billion has been lost to influencer scams.

Examples of TikTok crypto scams

TikTok crypto job scams made the news in August 2024 after Omar Al Selk told his story in a video posted on social media telling his story. 

He is a job seeker who lost nearly $8,000 when he replied to a TikTok ad. The ad read, “If you are looking for work, click the link below. No experience needed.” The work involved clicking internet pop-ups for an hour daily in return for a commission paid in Tether (USDT).

But there was a catch. For each new task, Omar was required to pay a deposit, which was returned upon completion. After completing the first few tasks, he successfully cashed out his initial deposit. It all seemed legitimate.

Over the next few days, the deposit amounts steadily grew to over $4,000. Omar continued to pay and even borrowed money from family. Once he realized he was being scammed and the deposit was not being refunded, it was too late. The scammers had disappeared, not responding to his WhatsApp messages.

You might think that you would never fall victim to such a scam. Following Omar’s story, many more people have issued TikTok scam alerts and online job scam warnings. So what is it that keeps fooling job seekers like Omar? 

Why job seekers are vulnerable to crypto scams

Job hunting is frustrating. You spend hours wading through job boards, answering bizarre application questions and hearing crickets for pleasure.

So when a well-paid work-from-home opportunity drops in your lap, you punch the air in delight. With no other opportunities on the horizon, it’s too good to turn down.

In addition, scammers start small to win your trust. This is known as “pig butchering,” where scammers establish trust to create a false sense of security.

The scammers keep asking for more and more until they’ve extracted thousands. And because you’ve paid in cryptocurrency, the funds disappear out of reach of your bank or law enforcement. 

If you’re reading this and it sounds familiar to you, you’ll want to know what to do about it.

What to do if you’ve been targeted by a crypto scam?

If you have been the target of a crypto scam, there are several steps to take as soon as you uncover the fraud:

• Contact your financial institution or crypto exchange to try to cancel transactions. 
• Block your credit card and freeze accounts to stop scammers from withdrawing funds, opening new accounts or taking out loans with your personal information.
• Report the account and details of the fraud to the social media platform. Additionally, it should be reported to the FTC or US Federal Bureau of Investigation so they can investigate.
• Take any specific information that could identify the fraudsters to your local law enforcement and file a police report.  

Did you know? TikTok doesn’t have stringent regulations for crypto promotions, making it easier for scammers to operate. This lack of oversight allows fraudulent schemes to spread quickly among users.

Staying safe while job hunting on TikTok

It’s easier than you think to fall victim to job-hunting crypto scams, particularly in the melting pot of TikTok, remote work, AI, crypto and desperation. 

Well-paid remote work opportunities can offer workers a dream lifestyle, so it often seems like taking a small upfront risk is worth it. This is exactly the hook scammers are looking to plant. 

So, if you’re presented with a job opportunity that’s paid in crypto, always be skeptical, never “pay to work,” and research a company thoroughly before sending any personal information. Plus, you could research the history of TikTok scams and crypto scam case studies to understand how you might be targeted in the future of crypto scams.

Written by Marcel Deer