Instagram is often utilized by users as a medium for social networking and amusement purposes. This app has everything you could possibly want, whether you use it to keep in contact with your friends from college or to kill some time by watching funny and creative reels!
Instagram is, unfortunately, more than just a collection of intriguing photographs and entertaining videos. In actuality, scammers are taking advantage of the app in order to con those who are online by using a variety of scams.
As a consequence of this, you may be curious about the kind of scams that can be found on Instagram. In order to help you discover the answer to this question, the Global Payback team has compiled a list of the 12 most common frauds that you should be aware of while using Instagram.
1. Fake Investments & Crypto Scams
Scams involving investments and scams involving advanced fees both ask for money upfront in exchange for the promise of a higher payoff in the future that never materializes.
In today’s world, investment scams may sometimes include virtual money like bitcoin. Advance-fee scams may involve any kind of fast path or shortcut, including products or services, job prospects, lottery, or jobs.
Scammers often make comments in an effort to get their victims to get in touch with them so they may “help them become rich.” After then, they convince their victims to allow them access to money by promising to increase their value via a variety of “investments” in return for a portion of the revenues that they would get from the scheme.
After then, the victim is, of course, prevented from accessing that money and is put in the position of potentially suffering even greater monetary, data, or identity theft. Individuals are attracted by the promise of rapid income, despite the fact that there is no such thing as a shortcut when it comes to investing. Swindles soliciting money via investments in bitcoin are particularly widespread on Instagram.
No one should ever put money into anything without first doing exhaustive research, not just on the company offering the investment but also on the investment itself. Instagram does not solicit real investments.
2. Phishing Scams on Instagram
Phishing is an assault that makes use of social engineering to fool victims into giving personal information, installing malicious software, or paying money. Phishing may take place on Instagram. Swindlers might target you with phishing emails or even smishing SMS messages if they want to steal your personal information.
Phishing schemes on Instagram include a person sending you a questionable message or link in an attempt to get access to your Instagram account. The message or link seeks personal information from you. Instagram will never contact you through email or text messages to request your login information. Should you choose to divulge your Instagram password to another person, you run the risk of having your account terminated.
The majority of phishing emails are easy to spot because they include grammatical and spelling problems, incorrect business logos, and unusual URLs that become visible when you hover over links.
On the other hand, spear phishing emails are far more difficult to spot. This is due to the fact that they are individualized for each customer. They seem to be from companies with which we conduct business or with whom we have accounts, and they call us by our first name in the greeting. They also often include information on subjects that pique our interest.
You are now able to determine if an email that claims to be from Instagram is indeed from Instagram or whether it is a spear phishing email thanks to a new security feature that was recently implemented by Instagram. You are now able to make advantage of the newly added capacity to determine whether or not the email you received coincides with any of the security emails that Instagram has sent out in the last two weeks.
It’s possible that the email you received was an attempt at spear phishing, in which case you should delete it if it’s not on the list of emails that Instagram has legitimately sent out in the last two weeks. If it is, then you should keep it.
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3. Romance Scams
What a terrible thing! Swindlers write letters to the people they want to defraud, claiming to be widowed, divorced, or in some other unfortunate situation in order to convince them to part with their money.
These con artists love-bomb potential victims while simultaneously utilizing catfishing or military romance scams to gain their sympathy and manufacture a passionate connection with them. They will claim that they want financial assistance in order to escape their country or an abusive relationship. They could spend weeks trying to persuade victims that the scam is legitimate before finally asking for money.
If you are aware of the scam, it will not be difficult for you to identify it. When a total stranger suddenly likes a lot of your photos and then flirtatiously contacts you on Instagram, this behavior should raise red flags. If they beg for money, you should refuse to give them anything and completely break off communication with them.
When an Instagram account begins to “love bomb” you but refuses to video chat or engage in discussion with you in any other way, this should be seen as a warning flag. If you run a reverse image search on that person’s images and uncover ties to other accounts, this is still another red signal. If they ask you for money before you’ve ever met, you should be on high alert and protect your bank account at all costs.
4. Paid Subscription Scams on Instagram
In many cases, fraudsters will offer you very discounted subscriptions to well-known businesses in exchange for your personal information.
They will get the information that is stored on your credit or debit card and then use that information to make fraudulent purchases. When something seems to be too good to be real, this proverb is almost always accurate.
These con artists follow popular and trustworthy Instagram pages in order to monitor who likes and comments on the deals that are placed on such profiles. In the end, they try to replicate the accounts. If you follow the false account, the con artists will be able to offer you a worse deal (which is still not a bargain since it’s a fraud) and steal your payment data for unlawful reasons. However, the deal is still not a bargain because it’s a hoax.
Con artists like these will utilize well-known names, but they will slightly change the username by adding a period, an underscore, or an extra letter. At first sight, it may seem to be an account that you already follow. For instance, you could encounter @Bloom_burg instead of @Bloomburg.
If you have any concerns about the account, which you absolutely should have before engaging in any kind of transaction, you should look into the account’s legitimacy. It is feasible to identify a fake Instagram account, and doing so does not need a high level of technological expertise. Verifying the user name is a good way to determine whether or not you are dealing with a fraudster in most situations.
5. Fake Influencer Fraud on Instagram
Have any of those mysterious Instagram accounts that sell financial services contacted you directly over the platform at any point? Even a stunning young woman who advises clients on how to invest their money might be represented by the account.
When you fall victim to a scam similar to this one, you will get a follow and maybe a direct message from a “popular” account that is stuffed with fake followers and likes. It is possible that the account will seem to be a beautiful woman promoting various investment opportunities or financial services.
In addition, there is not the slightest connection between the account’s contents and monetary matters. The account will take advantage of your emotional vulnerability by luring you in with promises of amazing “investment opportunities” in cryptocurrency, foreign exchange, or real estate, or even by promising to collaborate with you before stealing from you or scamming you of your money.
6. Lottery & Giveaway Scams
On their Instagram profiles, several well-known brands regularly host genuine contests and prizes. Despite appearances, there is a catch to this deception. You will be needed to provide your bank details in order to “claim your prize.” The deception perpetrated by Publishers Clearing House is one example of this that is well recognized.
By using a copycat account that has fake followers, people will be duped into liking, sharing, or commenting on the post in order for them to be eligible for the contest. In addition to this, it is possible for actual accounts to be hijacked and used to host giveaways that are not legitimate.
For instance, scammers took over Megan Nichols’ most recent giveaway, as stated by Megan Nichols, the operator of an account that emphasizes restaurants and tourist sites in North Carolina. Megan Nichols’ account is used to advertise restaurants and tourist destinations in North Carolina. Con artists stole her photographs, made up fake Instagram accounts with names that sounded similar to hers, and then began contacting others who had taken advantage of the actual offer.
Scammers would use the giveaway scam by demanding advance payment for shipping expenses before obtaining your home address so that they could receive your present. They may even attempt to create a fake website to trick you into giving them your bank information so that they may pay you by using a technique called phishing.
If you believe that you are at risk, reach out to the Global Payback experts and we will help you out!
FAQ’s on Instagram Scams
1.) What should I do if I believe I have been scammed on Instagram?
The first thing you should do is report the scam profile to the relevant platform, so in this case, report it to Instagram. Moreover, if the scammer has scammed you for money, feel free to reach out to our team of asset recovery specialists. The Global Payback team can help to track and file a case against your scammer in order to get your stolen money back.
2.) What should I do to make sure I am safe on Instagram and do not get scammed?
In order to avoid getting scammed through the recent Instagram scams, try and safeguard your profile and stay away from people you do not actually know on Instagram.
3.) What is the most common Instagram scam?
The most common scam type reported by individuals is the romance scam. Considering Instagram is a social media platform where people can connect and speak to one another, many individuals have fallen in “love” online and ended up being tricked by a scammer.
Key Takeaways!
Scams over social media platforms such as Instagram have become increasingly common. So, if you think you have been scammed through any of the Instagram scam types mentioned above, reach out to the Global Payback team of experts, and we will aid you in recovering your assets.
All you have to do is fill out the form on our contact us page, and someone from our team will be in touch with you for a free consultation!
