Social Media has connected every one of us in the world and not only does it links the bridge but it also contributes as a marketing tool in terms of advertising, PR and helps in keeping the customers or potentials connected to the brand. Social Media is a powerful tool that consists of many platforms and each medium can be used for various purposes.
One such platform is Instagram, it is a social media application which was launched in the year 2010 by Kevin Systrom and Mike Krieger while later it was bought by Facebook in 2012. Instagram lets the user post and share pictures and videos, follow other Instagrammers, explore, engage, connect with people, edit, add a caption, and many such more features through their account.
But just like any technology, anything through the medium of the internet is bound to face fraud, scam, malicious activities or we could say in general - wrongful and unethical practices. Also, sometimes the fraud looks so haven that the disguise becomes difficult to understand and due to the attractive portrayal, one somehow still manages to lure itself.
As per the statistics from 2018, there are over 1 billion users on Instagram, this sort of social media app is like the perfect dive for the scammers to prey for at least luring in a couple of users to take the bait.
Also Read, Binge Between Social Media And Cryptocurrency
A report from Forbes stated, “Products from high-end brands like Gucci, Louis Vuitton, as well as consumer electronics like Apple, have recently been advertised for spot prices between 50 and 300 Euros primarily to the general public in Sweden. In order to finalize the purchase, individuals are being tricked into exchanging fiat currency to cryptocurrency. Once such currency a transfer has been completed, the Instagram seller vanishes with the money, and the luxury products are never delivered to the buyer. This has persisted, even though cases are being reported to the law enforcement authorities.”
The scammers can either create a fake account or hack into existing accounts to trick and lure you into giving personal information or money.
In this blog, we have laid out 7 Signs To Spot Cryptocurrency Scam & Fraud on Instagram:
1. High-end products are expensive so whenever there’s a sale or discount, we all tend to lure in with the attractive offers. But when the discount is a little too much on the product, say, over 70% - it should sound fishy. A buyer or the potential has all the right to ask the reason behind such a huge offer which would help determine whether the offer is legitimate.
2. To save oneself from the bait-and-switch scam, the user can check on the details one skips to notice - it could be paying attention to the spellings, checking if the brand is verified or the URL link on the profile.
Also Read, Stories of People losing their Bitcoins!
3. Scammers tend to post pictures of products that they don’t own but offer for selling. These pictures are available on the internet and thus holds easy access. To be on a safer side it is better to check whether a similar photo exists on the internet or conduct a reverse image search. One can instead even ask for more precise information and pictures of the product, probably from the same place as the uploaded photo with different angles. It is very unlikely that the scammer will have the product but if the seller is honestly offering the product he/she will accord to your request.
4. To purchase a product, the seller will have a mode of payment that will be displayed on the website. It is a possibility that the seller might try to reason exclaiming that they are moving between the accounts however the user should make the payment via debit card or credit card and the bank will know what to do in the scenario mentioned. Also in the need of chargeback, it can be filled out and processed with the bank, mostly within 120 days of the initial payment, however, the only loophole is when the payment of fiat has been made for the exchange of cryptocurrencies as blockchain transaction cannot be reversed, also one should avoid bank wires and transaction with cryptocurrency. The chargeback involves criteria like damaged goods, when the item is different than the description or when the product is not delivered.
5. A scammer will most likely use the name, logo, or information of a legitimate cryptocurrency broker or a company, in order to look authenticate and wouldn’t be a part of e-commerce. In this case, you can contact the cryptocurrency exchange provider for confirmation.
6. Scammers also tend to offer investment schemes that promise high returns, and if no less, they would also have proofs from other said candidates. And once when you fall in their trap by sending the payment, they ghost on you. In this case, the only way out is to ignore such messages or requests.
7. If you find something suspicious in the account, it is important to flag the account and report to the authorities of the app and the law enforcement.
The last but not the least, it is of uttermost importance to do the basic background check and research before purchasing a product or giving away any information. A drastic change or inconsistencies in the information, specifications or price should be more than enough of a hint for the flag alert. Also, a simple search on the internet can help you learn and recognize more about such scams.
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