Instagram is a fun way to share photos and videos that tell a story. However, scammers are starting to tell another story - one that isn't so fun. Find out more information about the "Instagram Flipping Scam":
What exactly is the Instagram Flipping Scam?
Scammers have taken a twist on the classic "flipping money" scam. This time around, they are using social media sites, like Instagram, to lure folks in. First, scammers attract victims via social media by advertising how easy it is to turn small amounts of up-front cash into large sums of money. For example, a scammer might advertise how easy it is to turn $100 into $1,000 with "smart investments" or by taking advantage of "quirks" in various payment systems. Then, they ask victims for your personal information - often asking for pin numbers, account numbers, etc.
Who is mostly targeted?
The National Consumers League tells us that typical complaints about the social media flipping scam have been coming from younger consumers, with most being under the age of 30. Most victims tell stories of financial difficulties when they were lured in by the scammer, hoping for a quick fix. However, young folks aren't the only ones who should be wary: anyone who is using social media should stay cautious of savvy scammers.
What steps can I take to stay safe?
For more information, click here.