Instasham: Fraudulent investments being advertised on social media

25 Feb 2019 02:42 PM

Action Fraud is warning Instagram users to be wary of fraudulent investment posts offering ‘get rich quick’ schemes on the app.

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. 

Inspector Paul Carroll, of Action Fraud, yesterday said:

“Opportunistic fraudsters are taking advantage of unsuspecting victims who are going about their day-to-day lives on social media. 

“It’s vital that you follow the simple steps below to make sure you don’t fall victim to this fraud.

“If you think you have been a victim, contact Action Fraud.”

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