Instagram users ripped off for £400k in a month in Forex scam 

Instagram users are being ripped off by investment con artists – with UK victims handing over nearly £400,000 in just one month.

Britain’s national fraud reporting centre was bombared with 164 complaints in June alone, representing a total loss of £358,809 in June alone.

Police said young people aged 20 to 30 who could least afford to be fleeced were the primary victims.

They handed over cash to crooks who promised big-time returns in stock market and foreign currency deals, with the broker taking a small cut in return for their work.

But the profits never arrive and the ‘investors’ are fed a series of excuses about why no cash will be forthcoming unless they send more funds.

Eventually the victim is blocked, losing the money they sent in a bank transfer or through a cryptocurrency platform.

Det Insp Matthew Mcnelis, from West Mercia Police, said: “While individual financial losses from this fraud are comparably smaller than other types of fraudulent investment schemes, this fraud targets a younger demographic, typically aged between 20 and 30, with less savings or those who are financially vulnerable and are searching for a quick and easy way to make money.

“I would urge everyone who receives one of these messages to please not hand over any money to anyone they don’t know or trust.”

The force urged people not to respond to any requests to send money, or have money transferred through their account, by someone they don’t know.

They use the Financial Conduct Authority’s register to check if a company they are considering using is regulated by the FCA.

Source: msn

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