A large number of students have reported that they have been victims of either having their Instagram accounts compromised or being involved in a foreign exchange/investment scam. Most, if not all advertisements for investments on Instagram will be a scam.
The police have issued a warning to students and information on how to spot and prevent a scam.
What to look out for
Most accounts will want to show that they are rich, supposedly from trading, however their income comes from selling courses or ‘account management’ where they will ‘manage’ your trading funds, drain your account or just take your money and run.
It is recommended to enable two-factor authentication on all of your accounts – especially social media. You can follow this guide for Instagram.
Please note: You should never share your two-factor authentication codes with anyone.
If your Instagram account has been compromised, you can follow this guide to help recover it.
Alternatively, if you need assistance with this and wish to report it, you can contact Action Fraud on 0300 123 2040 or visit www.actionfraud.police.uk.
To find out more, please visit Forex and Investment Scams to further explore these scams so you can be aware of how to avoid them.
Posted on Wednesday 8 June 2022