Social Media is a massive part of our society with approximately 2.6 billion users worldwide with a large proportion of users accessing sites via mobile devices.
One Social Media Platform in particular is being warned of investment scams being promoted on their sites with victims losing a total of £3 million since October 2018. Action Fraud issued the warning, after receiving 356 reports of fraud targeting Instagram Users, reporting the average loss to be £8,900.
Victims were promised high returns within 24 hours if they made an initial £600 investment. They would be sent screenshots to show profits of thousands of pounds going into their account but were told they would need to pay in order to release the funds. Action Fraud, expect more than £3 million to have been stolen as not all victims would have reported their money being lost. Those between 20 and 30 years’ old are thought to be the most vulnerable to this type of fraud.
Financial Fraud is the most common crime in the UK and the methods scammers use can change very quickly. Whilst financial fraud may be on the rise, there are some simple ways you can protect yourself:
- Do not give someone any personal information, like bank details, computer passwords or PIN numbers.
- Do not reply to unknown sender e-mails or click on any links
- Do not download any attachments or files in e-mails
- Do not send any money or buy anything from an unverified source
- Do not ring any number in e-mails or letters you receive from unknown senders
- Do not let anyone you do not know into your house without checking their identification if they are at your front door.
It is easier to spot a scam if you know what warning signs to look out for, listed below are some things to look out for. Be careful if something:
- comes out of the blue or from someone you do not know
- sounds out of the ordinary – like you have won the lottery, or you have been invited to invest in an ‘amazing’ scheme and keep it a secret
- asks for your personal information – bank details, computer password or PIN numbers
- pressures you into buying something or making a decision quickly – a trustworthy company will be happy to wait
Do not click on anything that you are unsure about!
If you are unsure about any correspondence you have received we are happy to offer opinion and guidance and have been helping to protect our clients from scams for over 33 years now. Please do not hesitate to contact the office to arrange a mutually convenient appointment with one of our highly qualified advisers.
