Greg's Corner

Instagram scam targets those who follow their bank

An internet security company has made public that there is a scam being proliferated through the photo sharing app Instagram. The scam, known as ‘money-flipping’, appears to target users who follow any kind of financial institution on Instagram. The scammers will message a user telling them they know a trick to make quick money while the scammer’s Instagram account contains picture that flaunt wealth and cash. The scammer will then request the victim’s bank information to transfer some money to and then will only take a percentage of the money back.

If this sounds familiar it’s because it’s a variation of the fake check scam. The fake check scam targets people who sell items online where the scammer will send a check that’s more than the amount asked. The scammer will then say they made a mistake and then will ask for the excess money back, usually to be wired somewhere. The checks then turn out to be fake after the victim has already wired the money back so then the victim is on the hook to the bank for the money they’ve wired and the scammers are long gone. With the money-flipping scam it’s all done electronically and you’ve been taken for a ride before you even know it.

Instagram claims that this is only a small problem on their network, however as with any get rich quick scheme, if it sounds too good to be true it almost definitely is.