Same investment scam plot just another take on how to reach victims. There has been a surge of reports about investment scams/get rich quick schemes surfacing on Instagram. Whilst older generations are recognised targets as they are considered to have accumulated wealth or pension pots any age can be a target and with credit easily available you don't have to have a money pot saved to be vulnerable to a scam.
I am reminded of the Fyre festival scandal in 2017 where glossy pictures flooded the internet and social media posts whipped up a storm suggesting this festival, off a Bahamian island, was the epitome of luxury music festivals. In reality it was a disaster with no bands attending, almost no food, over crowding, soaking wet beds and collapsing disaster tents. This festival had been endorsed by celebrities which goes some way to show how celebrity endorsements can encourage people to buy into a product. Fraudsters knowing the power a celebrity endorsement can add will happily pose fake endorsements on their websites. Recent scams have involved Dragon' Den and Martin Lewis being misused in this way.
Whilst the media used to deliver the scams may be evolving the fraudsters have the same aim to part you with your money and cease all contact. We need to ensure scam awareness is shared across all generations, no-one is immune.
Victims aged in their 20s have each lost an average of £8,900 after falling for investment scams that appear on image-sharing platform Instagram. Action Fraud, a UK police-led awareness centre, said there had been a surge in activity in recent months by fraudsters posting about get-rich-quick schemes. Victims are promised high returns within 24 hours, but the fraudsters demand fees and then disappear. Some 356 reports of losses have been made in the past five months. Those tricked lost a collective total of more than £3m, but more is expected to have been stolen as some victims may not have reported their losses.