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Scam warning: Mum lost £1240 to investment scam on Instagram | Personal Finance | Finance

Nicole Reeves had her Instagram hijacked by scammers who then went on to steal hundreds of kilos from different victims. The mum instructed the programme how she fell for the rip-off as a result of she believed it was a chance really useful by mates.

When an advert popped up for an funding scheme known as the Cash Flip, Nicole discovered herself intrigued.

She would often be sceptical about such alternatives, nonetheless this one gave the impression to be really useful by somebody she knew.

She stated: “I was scrolling through Instagram and on one of the stories that came up, it was a friend, and in the video he was saying how much he appreciated this money flip.

“How he’d got a massive kind of financial investment, how he’d gained a lot of money and how he was very happy and it turned his life around.”

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He instructed her to message somebody known as Shanny Powell however earlier than she did she checked out the profile which included glowing endorsements of Cash Flip.

There are a couple of Instagram accounts underneath the identify of Shanny Powell – however whereas some are genuine – this specific one wasn’t.

Nicole added: “I just thought ‘wow it’s got to be real’ – these videos go back a couple of years.”

Initially, Nicole was inspired to speculate £500 earlier than then being instructed the good information that she had been chosen to win £20,000 however she’d must put in one other £740.

Then she was requested to file a video endorsing the cash flip course of similar to her good friend had.

Nicole was then requested to offer her Apple ID, password and one time passcode earlier than the funds may very well be launched.

As soon as she’d handed these particulars over, every little thing modified.

Sadly, Nicole just isn’t the one sufferer of social media scams that are more and more concentrating on youthful victims.

1000’s of individuals like Nicole have misplaced big quantities of cash to this exact same rip-off that methods individuals into pondering they’re performing on a good friend’s advice.

Rip Off Britain contacted Instagram who stated its guardian firm Meta has donated £3million to Citizen’s Recommendation to assist them arrange a UK anti-online scams initiative.

It went on to say it’s towards its insurance policies to “promote or facilitate investment or financial scams which promise high rates or returns.”

A spokesperson for Instagram offered with some tricks to keep protected:

  • Arrange two-factor authentication: This safety characteristic requires you to offer a novel code and your password to log into your account — and also you’ll get an alert if somebody tries to login to your account from a tool we don’t recognise. Set this up by tapping on Settings > Safety. 
  • Allow Login Request: Whenever you’ve arrange two-factor authentication, you’ll get an alert if anybody tries to log into your account from a special gadget. By turning on Login Request, you possibly can approve or deny these login requests. You may as well view the listing of units which have not too long ago logged into your account and sign off of previous or unfamiliar units. 
  • Replace your cellphone quantity and e-mail: Be sure the e-mail tackle and cellphone quantity linked to your gadget are updated in order that if one thing occurs to your account, we may also help you get well it. 
  • Report content material and accounts you discover questionable: Report particular person items of content material to Instagram by tapping the three dots above a put up, holding on a message, or by visiting an account and reporting instantly from the profile. 
  • By no means reply to a DM despatched by an account claiming to be Instagram: Instagram will by no means ship you a DM. If we wish to attain you, will probably be by means of the Emails from Instagram tab in Settings > Safety, which is the one place one can find direct and genuine communication on the app. The rest may very well be a rip-off.

Rip Off Britain continues weekdays at 9.15am on BBC One.

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