(Getty)
Reports to BBB ScamTracker indicate that individuals are hijacking Instagram accounts and requesting the account holder make a video or send personal information to regain control of the account.
How the scam works
It all starts with a direct message in Instagram from what looks like a person whom you follow. They may ask you to take a survey to help with a new job they just got, act friendly and see if you're interested in making a lot of money in cryptocurrency, or tell you to “check out this cool video,” or some other message. The message includes a link that they want you to click. At this point in the conversation, you may not realize your friend’s account has been compromised by a scammer who is looking to hijack your account as well.
If the link is clicked, your Instagram account will also be compromised. The scammer then notifies you that in order to regain access to your account, you must film a video or send photo proof stating you have invested in some type of cryptocurrency and encourage your followers to do the same. Recording the video for the scammer to post may, or may not, actually get your account back, and in the meantime, the scammer is reaching out to your followers and friends via direct message, pretending to be you, with a malicious link that is encouraging them to invest in cryptocurrency.
How to protect yourself from social media scams
- Be wary of online messages that don't sound like your friend. Sometimes friends share things without checking them out first. Online accounts can be compromised. Take a closer look before sharing, applying, or donating.
- Contact your friend outside of Instagram, to see if they really sent you the message.
- Research. Go to BBB.org/scamtracker to see if something like this is being reported.
- Press for details. Ask strategic questions without giving any personal information to confirm you are actually talking to someone you know. If your “friend” can’t give you straight answers, leave the conversation, block them and then change your account settings as well password.
- Check your friends list. If you've received a friend request from someone you think is already a friend, check your friends list to see if this could be a duplicate, fake account.
- Report suspicious activity. Report scammers and impersonations to help protect real friends and family from a scam. Reduce the risk of having your profile impersonated by tightening up privacy settings and hiding your Friends list. Report the incident to Instagram.
And if you are thinking about investing in cryptocurrency, here are a few tips to keep in mind:
Tips to help avoid cryptocurrency investment scams
- Avoid saying "yes" to cryptocurrency stock purchases from an aggressive cold caller, even if the claims sound plausible, particularly if the recommended stocks are very low-priced. Don't feel guilty about hanging up. Not answering at all, or hanging up the phone, are generally the best and safest responses to a cold caller or anyone aggressively pitching low-priced stocks or other investment opportunities.
- Be suspicious of anyone who makes guarantees that an investment will perform a certain way. Also, be wary of pushy sales pitches that encourage you to “act now.”
- Research opportunities before investing. Use FINRA BrokerCheck® to the check registration status of, and for additional information about, the people and firms who tout these opportunities.
- Find out whether a company files with the Securities and Exchange Commission. Check the SEC's EDGAR database. Read the reports and verify any information you have heard about the company. But remember, the fact that a company has registered its securities or files reports with the SEC doesn't mean that the company will be a good investment in general—or the right investment for you.
See BBB's Cybersecurity Resources page and cryptocurrency tips at BBB.org/crypto.
Check out the National Cyber Security Alliance’s Privacy Tips, including special information for teens, parents, older adults, mobile users, and more.
If you or someone you know comes across this or any other type of scam, please report it to BBB.org/scamtracker.
