Shropshire Instagram users warned over scam

During June 2020, Action Fraud received 164 reports from individuals falling victim to fraudulent investment schemes, commonly referred to as a ‘money flipping’ service offered by users on Instagram.

These reports have amounted to a combined financial loss of £358,809 and police say the scam targets younger, more financially vulnerable people.

West Mercia Police is urging people in Shropshire who use Instagram to stay vigilant and report any suspicious activity.

Fraudsters approach victims via the instant messaging feature of the platform after advertising their service.

They claim to only require an initial investment of a few hundred pounds which they say will be used to trade on the stock market or to buy and trade foreign currency until they have multiplied the investment several times.

Detective Inspector Matthew Mcnelis said: “In reality, once the initial investment has been transferred the victim is given a series of excuses as to why their money and ‘profits’ cannot be returned unless more money is sent.

"Eventually all contact is severed and the victim is blocked by the suspect. Victims are usually requested to send the money by bank transfer or through a cryptocurrency platform which means it is nearly impossible to retrieve.

“Whilst 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.”