'Instasham': Instagram users warned to watch out for 'get rich quick' schemes
Victims of bogus ‘get rich quick’ schemes advertised on Instagram have reported losing a total of more than £3 million in the UK since October, Action Fraud is warning.
Between October 2018 and February 2019, 356 reports of this fraud were made to the national fraud and cyber crime reporting centre, which is calling them ‘Instashams’. The total loss was a shocking £3,168,464 – an average of £8,900 per person.
It said young people aged between 20 and 30 were most likely to fall victim to ‘get rich quick’ investment schemes, 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 making payments via bank transfer. When victims are requesting to withdraw their funds while they’re still in profit fraudsters are stopping contact.
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