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Action Fraud is warning Instagram users to be weary of fraudulent investment posts offering 'get rich quick' schemes on the app.
Between October 2018 and February 2019, 356 reports of this fraud were made to Action Fraud. The total loss was a shocking £3,168,464 – an average of £8,900 per person.
How is this happening?
Action Fraud has seen an increased number of investment schemes being advertised on Instagram over recent months, with young people aged between 20 and 30 the most likely to fall victim.
Fraudsters are advertising ‘get rich quick’ investment schemes on the app, which promise a high return within 24 hours. A £600 investment is initially requested which fraudsters claim will be multiplied within 24 hours.
Victims are then making payments via bank transfer to the fraudster’s bank account. Fraudsters are then sending screenshots of thousands in profit crediting their accounts, which they claim can be released for a fee. Victims have requested to withdraw their funds while they’re still in profit, and at this stage the fraudsters are stopping contact with the victim and closing the Instagram account.
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