Instagram users are being warned of investment scams promoted on the platform with victims losing a total of £3m since October 2018.
Action Fraud issued the warning, saying it had received 356 reports of fraud that targeted Instagram users, putting the average loss at £8,900.
Victims were promised high returns within 24 hours if they made an initial £600 investment. They would then be sent screenshots of profit of thousands of pounds going into their account and were told they would need to pay to release the money.
Action Fraud, run by City of London Police, says more than the £3m is expected to have been stolen with because not all victims would have reported money they lost. Those between 20 and 30 years’ old are thought to be the most vulnerable to this type of fraud.
Action Fraud inspector Paul Carroll says:
“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 our recommended simple steps below to make sure you don’t fall victim to this fraud.”