What are Instagram Scams?
A recent social media trend that has emerged is the use of Instagram to scam money. With its photo-sharing platform, these fraudsters take advantage of a person’s excitement or skepticism in order to convince them to deposit large amounts of funds in order to become “first-wave adopters” of certain cryptocurrencies. The reason you’re asked to deposit money is to be able to join a private group so that others can see your activity and level of interest. If you’re already part of the first wave of people in the group, then they know they’re getting scammed. If you’re not already part of the group, they may know they’re being scammed and will have second thoughts before they deposit anything.
Instagram scam tips
Be aware that scammers are sophisticated with technology.
What are the red flags?
Some scams, like OTCGIN scams, will offer a cryptocurrency, which can give it legitimacy, and then refuse to give you access until you pay first, without an interest charge. Another red flag is when an unknown individual contacts you, claiming to be a representative from a company or even a government agency. Other common areas for scams are social media companies like Instagram, which are responsible for the monetization of many cryptocurrency accounts.
The cryptocurrency industry has made it a priority to protect customers and tighten security around crypto accounts. You should always make sure to confirm a company’s authenticity, and never send money or sensitive personal information to a stranger online.
How to avoid being scammed on Instagram
It can be easy to find what you want on Instagram, but it can also be easy to fall victim to scams. To avoid falling victim to scams, look at their profiles closely, even if you are friends with them. Look at their followers, check their engagement on their posts, look into who they’re following, and keep an eye out for suspicious posts. For scammers, posting suspicious pictures and making posts without engagement is a great way to lure more victims.
Another way to tell if someone is a scammer on Instagram is to look at their profile name. A company with an unlikely name, such as “PayPal 2,” or one that sounds as if it’s related to cryptocurrencies, might be a scam. If you’re still not sure, don’t get into a conversation and notify someone you trust.
Conclusion
There’s still a lot to learn about cryptocurrency. Cryptocurrency is a constantly changing and evolving industry that is in the very beginning stages. To become an expert in cryptocurrency, you’ll want to take things slow and start by reading several books and joining discussion forums. In addition, start learning basic coding skills and if you can, look into how to create your own cryptocurrency.
Since the cryptocurrency market is so young, there will be a lot of scams out there. When evaluating investments, the best course of action is to do your own research and learn how to spot potential pitfalls.