Instagram is a social media platform for sharing moments and memories in the form of photos and videos. As per facts, Instagram has 1 Billion monthly active users. It is a globally known and preferred social media platform. However, some undesirable events have disrupted the activities of some users. The gram has lately experienced plenty of horrific scammers and fake promises. The dark side of Instagram investment scams is how scammers disguise themselves under filters and counterfeit posts.
In this blog we are covering :
- What is an Investment Scam?
- How is this industry running ?
- How can users avoid it?
What is an Investment Scam?
This scam incorporates fake and loud promises of big revenue and guaranteed returns. It is okay to feel suspicious about things that are ‘too good to be true.’ When a person on Instagram is trying to convince a trader to invest in a particular investment with promises such as high returns and no risk, understand that it could be a false alarm.
Investing in this overwhelming situation would be inappropriate and an investor may lose a lot of money in this process. Australians are highly impacted by investment scams but, at the same time, finding swindlers is not an easy job. Before investing in any policy, first, let your legal or financial advisor know about it. Get the proper information and then proceed. There are several investment scams such as:
- Cryptocurrency Scam
- Romance Baiting
- Celebrity Endorsement Scam
- Ponzi Schemes
- Promotions and Hot Tips
- Investment Seminars
How is this industry running?
This is a valid question, and according to our research, it’s time to expose how the investment platform is in danger and will directly impact investors.
Unreliable ‘crypto investors’
There are billions of people using Instagram, it is hard to decipher who is dubious and real. While surfing, you may come across users’ profiles that look too promising, especially those whose intentions are corny.
Spam profiles and romance scams are new sets that are active and progressive on Instagram. According to Bleeping Computer, a lot of suspicious activity has been noticed recently, including dubious account activity on platforms like Instagram.
These user profiles put words like FX or forex (Foreign Exchange), trading, financial freedom, and getting rich fast, etc. in their bio to grab genuine users’ attention. It is crucial for one to know that some trading enthusiasts, especially novices, actively participating on social media platforms can get trapped in it.
These con artists get involved in stealing the identities and photos of real users and then crafting them into look-alike investment profiles. In real-time, such DMs have bothered many of us and in case you are trapped in it – it hits hard too. Con artists know how to play with a mind and this is what they are doing to drive more traffic to their profiles.
Erotic user profile
Another trend is exposure to adult content. Here, there is no activity on the profile but scammers get in touch with users through DMs. People who have a lack of knowledge get easily persuaded by these profiles. These scams are taking place not just in western nations but worldwide.
These profiles may have zero to a handful of followers, with nude profile pictures and some links inserted into their bio that redirects them to adult content. But, it is actually a fake website that asks for users’ personal information. We totally understand that there can be some legitimate profiles out there that may connect with their fans. But an empty profile gives all signs of suspicion.
There are cases where online sexual harassment takes place through crafting of an individual’s profile image into adult content.
Presently, this is how Instagram investment scams are run.
If you ever come across such situations and fall for the same. Here are some ways to avoid these scams.
Ways to Avoid Instagram Investment Scam
Here are a few tips from Instagram’s official website that will give our readers a brief idea of how one can avoid Investment scams.
Many of us use Instagram but are unaware of options that keep your account secure, other than reporting of suspicious accounts. Here we are sharing some tips on how to protect your account or profile.
Scammers try to trick people by asking them for money through several mediums such as emails, impersonation of banks, and social media platforms. Swindlers aim to gather personal information, private credentials, and debit or credit card details. This is a normal strategy to put a user in a victim position but the current strategies are leaning more towards adult content and dubious profiles.
The three simple rules to manage your account security are as under:
- Slow down: A similarity in scammers is creating a sense of urgency. Victims, most of the time, are unable to handle the pressure, especially novice traders – they do not think twice and go with the flow. But such an activity pulls suspicion. In this case, you can ask them more questions to conclude.
- Spot check: Trading scammers know how to crack into the process and they mention some problems to make you believe that they’re valid. But this pattern is common among con artists. A spot check is needed, so follow up with your professional advisor then make a decision. A scammer may share some links or ask you to download files but just don’t pull the trigger on yourself.
- No money: These scammers will make you trust them. For example, they may pretend to be your close family member or a friend by stealing their profile and may ask you to send some money. As it is an awareness blog, we want to tell you that investment banking runs with a procedure and this type of activity is misleading.
Signs to consider a friend request or not
- Unknown people or famous personalities asking for money
- Asking or requesting to pay advance to win the lottery, loan, or other winnings
- Claiming to be your friend or relative in crisis
- Getting too close and asking for phone numbers in a few days
- Trying to get romantic and keeping on asking for money
- Messages or posts with many grammatical errors and poor spellings
- Creates a sense of urgency through the message that states that their bank account isn’t functioning and ask for money
- A simple formatted message that only demands you to log in to your respective bank or social media account to check activity and lure them by introducing new services.
- non-verified large companies, organizations, and entities.
Other tips to keep your account secure
- Don’t click on the suspicious link
- Avoid messages from people you don’t know
- Don’t answer messages that ask for passwords, social security, or money-related questions.
Last Words :
The dark side of the Instagram Investment scam Industry doesn’t lower the fame. The platform is safe to use but at the same time being aware and updated about scams will only save you some time and effort in the future. Instagram is throwing out profiles that don’t match its algorithm but every day new profiles are being created. Hence, we should be aware of this situation and help our close ones keep safe too.