After one loveMONEY reader lost £500 Instagram investment scammer, we reveal how these scams work and how to spot a fake investment offer.
Instagram users are losing hundreds of thousands of pounds each month to investment scammers, new figures show.
According to Action Fraud, 164 Instagram users lost £358,809 to investment scams as fraudsters in June 2020 alone. That’s an average loss to victims of around £2,200
These fraudsters often contact people about opportunities to make eye-watering returns in a few days for a small initial investment.
Usually, this investment is a few hundred pounds (and the fraudster claims to take a small commission), making it attractive for those new to investing as the upfront cost is small.
Once the money is sent (by bank…