Sheffield Instagram users warned about scam that has left people more than £3m out of pocket

Action Fraud, the Government’s cyber crime reporting centre, said 356 reports of this kind of fraud were reported to them nationally between October 2018 and February 2019.

This resulted in a loss of £3,168,464 – an average of £8,900 per person.

Fraudsters are advertising ‘get rich quick’ investment schemes on the app, which promise a high return within 24 hours.

A £600 investment is initially requested which fraudsters claim will be multiplied within 24 hours. 

Victims are making payments via bank transfer to the fraudster’s bank account.

Fraudsters are then sending screenshots of thousands in profit crediting their accounts, which they claim can be released for a fee.

Victims have requested to withdraw their funds while they’re still in profit, and at this stage the fraudsters are stopping contact with the victim and closing the Instagram account. 

Inspector Paul Carroll, of Action Fraud, said: “Opportunistic fraudsters are taking advantage of unsuspecting victims who are going about their day-to-day lives on social media. 

“It’s vital that you follow the simple steps below to make sure you don’t fall victim to this fraud.

“If you think you have been a victim, contact Action Fraud.”

Report scams to Action Fraud by calling 0300 123 2040.