Financial Fraud Warnings against Instagram Site Users

A group of young people in their twenties were exposed to financial scams via the Instagram website, social networks and photo postings, each losing around £ 8,900.

Action Fraud, a British police anti-fraud squad, said that over the last few months, fraudulent activities promoted by fraudsters using fake projects on how to get rich fast have multiplied.

Fraudsters make promises to their high-income victims within 24 hours, but they must first be billed for these benefits and then disappear upon receipt.

A total of 356 cases of fraud and loss of funds have been reported in the last five months.

The money lost by this fraud amounted to more than £ 3 million. This figure is expected to increase later as some victims did not report the money lost.

The announcement of the ghost investment projects was controlled by the Instagram application for the publication of images.

"The Black Magician" is the largest fraudulent distributor of an emirati bank

Is Facebook really spying on us?

Facebook and Instagram prevent the sale of weapons through their sites

The victims were asked to transfer money up to £ 600, with promises of immediate profits. Once the money is paid, the victims receive an image of the benefits that they are supposed to generate in their accounts.

The fraudsters then ask the victims to invest more money because their money has to be paid, which is why the losses of the victims have reached thousands of pounds.

The fraudsters then close all their accounts on Instagram, stop all communications and disappear with the money.

Tips are known

Investment scammers often use professional-looking images and can provide free research reports, special discounts and tips on "secret" actions.

Zero Focus, a security company specializing in social media, told the BBC that she had discovered more than 2 million public publications on the Instagram site promoting this type of fraud, known as "Flipping money" (fast investment of money per purchase). Fast sale).

Inspector Paul Carroll of the Fraud Action Unit said: "Opportunistic fraudsters benefit safe (unconscious) victims who regularly walk on social networking sites."

He urged social network users not to send money to strangers whom they only meet on the Internet, to check the financial problems of their family members, to deal only with Financial corporations approved by the regulatory body, the Financial Behavior Authority, and report any fraud.