February 16, 2025

Contents

Scam artists regularly exploit individuals to con them into giving monetary payments or confidential information away.


Photo: Shutterstock Surbhi Gloria Singh New Delhi

A retired banker was lately fooled out of Rs 87.6 lakh by cyber criminals in Maharashtra, Nagpur. They persuaded him to invest in the stock market. Authorities have already filled a case under the Indian Penal Code and Information Technology Act according to his complaint.

The incident

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A 60-year-old man got a message from the Instagram account of his daughter. The message suggested that he can earn high profits by investing after passing online lessons on an exclusive application. After downloading the app, he completed the courses on May 16 and got investment tips for distinct companies. Believing these advice, he transferred Rs 87.6 lakh to the bank accounts of three firms using immediate payment service (IMPS). However, when no returns came, he discovered it was a fraud.

Poisonous bait—another scam

In April, a 29-year-old woman from Karnataka became another victim to online fraud. She lost more than Rs 11 lakh. While surfing Instagram on April 26, she came across a lucrative offer to execute tasks. Encouraged by initial returns on minor investments, she was pulled in to invest more due to tempting promises of high profits.

Later, she made investments of Rs 35,000, Rs 1 lakh, Rs 1.77 lakh, Rs 3 lakh and Rs 5 lakh till May 4 on separate dates. But when no returns came as promised, she decided to file an official complaint with the police.

How not to be scammed on Instagram?

To take hold of money or sensitive data, individuals are often misled by con artists. These scammers either take over current accounts and pretend to be the user, or create bogus accounts. Beware of these common scams as pointed out by Instagram:

Schemes to fool investors: Offers of unforeseen monetary growth like turning small amounts of money into larger values are made and then the scammers disappear after receiving your payment. Note the “cash flipping” scams, Ponzi or “get rich quick” schemes.

Love cons: Imposters, by pretending to be in distress, send love notes to others. Before asking for money or intimate details under the false pretense of flight booking or visa application, they gain your trust over time.

Deceitful job posts: False or deceptive job ads may be posted in an attempt to extract money or personal details. If any job offers sound too good to be true, asks for premature payments, shares unrelated links or seeks private data without providing secure browsing, it’s advisable to avoid them.

Lottery sham: You will be told that you have won a lottery by people faking as someone you know or an authentic organization. They will ask for your personal data to “validate your identity” and then will send the reward.

Loan frauds: Posts offering loans on-the-spot at marked-down interest rates for a little fee are prevalent.

Donation forgery: By pretending to speak for non-profit organizations, orphanages, or religious leaders, scammers request for contributions.

Deceit for inheritance: Imposters state that they are attorneys or representatives of an estate and then share details of an inheritance. For the inheritance process, they ask for private data.

Conning for commerce: Rogue traders assert they are selling merchandise or services at shockingly reduced prices online. After receiving payment, they vanish and the product never arrives. They may insist on quick action and appeal for the payment through cryptocurrency.

Frequently asked questions

1. How to protect yourself from Instagram scams?

There are several methods to protect yourself from scams on Instagram. For instance, do not share sensitive information such as credit card details or personal identifications with anyone online. Scrutinize the profile of the person or entity communicating with you. If it seems suspicious or too good to be true, it likely is a scam. Also, be cautious of links shared by others and avoid clicking on them.

2. What actions can you take if you spot a scam on Instagram?

If you encounter a scam on Instagram, report it immediately to Instagram through their reporting feature. Additionally, contact your local law enforcement to report the incident. If you have entered your banking or credit card information, contact your bank or credit card provider immediately to freeze your account and dispute any fraudulent charges.

3. Why are scams common on Instagram?

Scams are prevalent on Instagram since it’s an open platform with millions of active users. Scammers exploit the platform to reach a broad audience and attempt to deceive individuals using various tactics like creating fraudulent accounts, impersonating legitimate users or businesses, and promising unrealistic returns on investments and lottery wins.