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. Victims are promised high returns within 24 hours, but the fraudsters demand fees and then disappear. The scam sees schemes advertised via the Instagram app. However, they then they close the Instagram account, stop all contact, and disappear with the money. ZeroFox, a security company specialising in social media, previously told the BBC that it found more than two million public Instagram posts that push these types of scam, known as money-flipping.

Source: The Star February 25, 2019 12:45 UTC