Fraudulent investments are being advertised on social media and Action Fraud, the reporting watchdog, says a shocking £3,168,464 was lost to scammers between October 2018 and February 2019. On average, each victim lost a total of £8,900 per person.
Action Fraud want to warn the public about investments being used on social media, especially Instagram. They say young people, aged between 20 and 30 are most likely to be targeted and fall victim. Fraudsters are advertising ‘Get Rich Quick’ investment schemes, promising a high return within 24 hours. They have been asking victims for a initial £600 investment, which they claim can be multiplied within 24 hours.
Inspector Paul Carroll spoke to Action Fraud and Said: “Opportunistic fraudsters are taking advantage of unsuspecting victims who are going about their day-to-day lives on social media. If you think you have been a victim, contact Action Fraud.”
This is not the only problem Instagram is experiencing, the social media app is facing a flood of advertisements selling counterfeit products. Many of the fake ads promote highly discounted products like clothes, electronics, real estate and shoes that lead users to scam sites. Users are pulled in with highly discounted designer goods, only to find that the items are fake, poor quality or they have had their personal information stolen.
Instagram is not the only social media platform facing this issue. These ads appear on Facebook, Twitter and Snapchat. And it is extremely difficult for these companies to properly vet every add on their sites. So the advice is, buyer beware. If something looks too good to be true, it probably is.
Action Fraud recommends the following advice to stay safe online:
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