• November 24, 2020

Crypto Scammers Target Instagram Users in Sweden

Crypto Scammers Target Instagram Users in Sweden

Cryptocurrency scammers on social media networks are searching for their victims to trap them. Currently, Instagram Users are being trapped in Sweden.

According to Forbes, Scammers are targeting Swedish Instagram users to trap them in their fraud schemes. These scammers sell high-end products like Gucci, Louis Vuitton and gadgets like apple for less price around 50 and 300 Euros.

These products are available to the general audience in Sweden. And then the scammer asks the buyer to make their purchase using cryptocurrency. Once the cryptocurrency is sent to the scammer then they disappear and the product is never delivered to the buyer.

How do Scammers Target Instagram Users?

As per the internal source in “Swedish Law Enforcement”, The scammers usually target younger users age group around 25 years. After that, they create a new Instagram profile with luxury products and will have a good number of new followers.

The Victim here usually falls in the trap by seeing the luxury products being sold cheap. The Victim then contacts the seller by direct messaging the seller on Instagram.

After that, the scammer plays his trick by insisting the customer pay using cryptocurrency. Scammer convinces the customer with several excuses like some banks are not accepted. Thus convinces the customer to make the payment via cryptocurrency. And the scammer provides the address to the customer to transfer the cryptocurrency. Scammers prefer cryptocurrency because it’s not easily traceable such as bank account.

Swedish Police has warned the users to conduct detailed research before purchasing any such products online. Users purchasing online products need to make sure the company or person they are transferring their money is legit.

Nordic Cryptocurrency Brokerage Platforms compliance expert said their customer services is way quick and is way better then Instagrams customer services.

The compliance expert also added,

Unfortunate as the customer service of Instagram is literally non-existent, it increases the delays to take countermeasure Furthermore, as the law enforcement agencies have to process thousands of cases.

Moreover, Instagram doesn’t have any dedicated email support for their fraud department said the compliance expert.

The Instagram team has responded by saying they have blocked accounts that displayed proof of fraud. They also said that they are actively fighting against fraud content and improving the system to quickly detect and remove anything that violates community guidelines.

Even on other social media sites like Twitter has been affected by 15000 Cryptocurrency Scam Bots. Moreover, these crypto bots actually are using newer and newer techniques in order to defraud the investors.

What do you think about these Crypto scammers on Instagram? Let us know in the comment below.

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