Scammers are deviously adaptable. From targeted phone-calls to vulnerable people, to phishing emails to online shoppers, there’s always a new kind of hustle being developed.
Scammers are changing tack again. Where previously the elderly or uninformed were common targets, now younger social media users also need to be on the lookout or could risk falling victim.
According to new data from Lloyds Bank, those aged between 18 and 24 are now most likely to fall victim to an investment scam, with those aged between 25 and 34 not far behind.
Instagram: the new frontier of fraud
Instagram has become a new scam battleground, with reports of impersonation fraud increasing by a staggering 155% in the last year. The person-to-person platforms pride themselves on being accessible, but this can mean they inadvertently open the door to individuals looking to exploit their users.
Our studies show that on average, victims of fraud over the last year have lost an average of £336 to Instagram scams.
Just who is sliding into consumer’s DMs?
Impersonation scams are typically carried out by fraudsters who appear on consumers’ social media feed or via direct messages, claiming to be a family member or friend. They use a different phone number and try to convince victims their phone has been lost or damaged and that they are in need of emergency cash.
Unfortunately, many who share money in good faith, thinking they’re speaking to a loved one, often find that they’ve been…
