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Instagram Users Being Targeted in New Get Rich Quick Scheme

Young adults aged 20 to 30 are the target of this scam, with 356 reports since October. Users are losing an estimated £8,900 GBP or $11, 724.82 USD per instance. When first contacted, users are promised a return within 24-hours but must make a £600 GBP investment first. Once this is done, the scammer sends a photo of the victim’s account with thousands of dollars more than was initially in there. When the victim attempts to withdraw the funds, the scammer stops the transaction and shuts down their account. The scammers are going out of their way to attempt to extort funds from users who are just simply browsing through social media.

Analyst Notes

Users should always check Financial Conduct Authority’s (FCA) to verify credentials of a financial institute. Do not respond to emails that come from unsolicited sources and ask for money in exchange for a higher return.