Scams are becoming part of everyday life, particularly on social media so Brits need to be savvy about what they see online – they should also make themselves aware of the most common scams out there
Social media scams are getting ever more sophisticated. From romance scams to dodgy retailers, MoneyMagpie Editor and financial expert Vicky Parry highlights the most common Instagram scams and how to protect yourself from them.
Instagram (and other social media) is in most of our lives these days – and where there is a chance to take advantage of people, scammers will also be sniffing around.
There are lots of different types of scams to be aware of when you’re browsing social media, so let’s take a look at the most common ones and how to avoid losing your money to a fraudster.
Scam Retailers
Social media makes it easy for anyone to set up an online store and say they’re selling the next best thing. However, whether they send it out after taking your money is another thing altogether!
Retailers that always seem to have a sale on, or have a timer with a ‘limited time! Offer ends soon!’ warning are often scams. Check posts that limit comments, too – this is done to stop people writing their complaints on the posts, so can be a warning sign that the amazing product you’re looking at doesn’t exist in real life.
Another retail scam is to send you the product – but it’s something you could get somewhere else way cheaper. They market a product as if it’s an exclusive, but a quick Google will often show you the same product on websites like Amazon, Shein, and Temu for a lot less. Always research a product and a company before you buy from them.
Finally, check whether the company is registered in the UK. This should be easy to do by researching on Companies House using any address, company name, or even listed company number on a website. If you can’t find them, they may be based overseas – and that could impact your ability to make claims against the scammers.
Celebrity Scams
If you’ve ever had a ‘celebrity’ direct message you with compliments about how gorgeous you are, be suspicious. Be even more suspicious if they start asking you for money to donate to a charity, or that they need a gift card or cash while they’re travelling in your local area, on the promise they’ll come and meet you if you can help them out.
Real celebrities usually have social media teams managing their accounts. They also won’t ask you for anything on a direct message! If a famous person is raising money for a charity, it will be all over their profile, with a clear link to the charity page and fundraiser. And they definitely won’t ask strangers for money!
Finally, you might be beautiful – but most celebrities won’t message out of the blue trying to start a romance with you.
Romance Scams
Speaking of romance, this is one of the most common scams on social media. People will create fake profiles and try to find unsuspecting people to fall in love with them online.
Then, they’ll ask for money in some way. It might be to help pay a bill if they’re short that month, or they might say they want to visit the person in real life and need help paying for the flight. Or, they could insist on having health issues that need expensive treatment, or a debt that is causing them distress.
Whatever it is, money is the key element here. If you have never met a person in real life, you can’t be sure they are who they say they are. Never, ever give money to someone you don’t know online, or pass on your bank details to them either. Keep your personal information safe, too – romance scammers play the long game, finding out information from you such as where you live, pet names, your children’s names, your date of birth – any kind of information they can use to set up lines of credit in your name fraudulently.
What to Do if You’ve Been Scammed
First, report it to the social media platform, and keep offline evidence of everything, such as screenshots of messages on the platform. This is important, because a scammer may guess your password and close your account or lock you out of it. That’s the next step – change all of your online passwords! And set up Two Factor Authentication for everything, too.
If you have lost money to a scammer, you can file a police report. They will do what they can to help, although it’s worth noting that it can be very difficult to get a prosecution if the scammer is overseas. It’s not impossible, though, so definitely file a report.
If you stopped before you lost any money, you can still report it to Action Fraud, to help them know where the scammers are operating.
Protect Yourself Online
Scams are rife online, so it’s important to protect yourself as a preventative measure. Take these steps to make sure you’re not a target for scammers:
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Use different passwords for everything. It helps limit any damage if you are scammed.
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Use a different email address for your social media than your main correspondence address.
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Never give your personal details to someone online.
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Never give money to strangers.
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Don’t post when you’re away on holiday – wait to upload your photos until after you return. This helps prevent scammers who know where you live from carrying out a physical burglary on your empty home.
Finally, sign up to the MoneyMagpie newsletter to make sure you’re up to date on the latest smart scams out there, so you can spot them before you become a victim.
