Technology has been a silver lining during the Coronavirus pandemic as communication, business and personal interactions moved online. But there was an upsurge in the cyber crime activities as well. Cyber crimes have gone up by almost 500% in India during the global pandemic. Many cyber crimes are prevalent these days which include Phishing Scams, Website Spoofing, Ransomware, Malware, and IOT Hacking, email frauds, social media frauds, banking frauds etc. Another fraud which is prevalent these days is Instagram Forex traders scams. The core reason of this scam is our desire to become rich overnight. These scammers simply use our superficial desires to fulfill their objectives.
You will come across one of these Instagram trader accounts via a promoted advertisement, in which the account holder is doing something luxurious and a message of his recent credited money in bank account. But the truth is these so-called Instagram traders are not doing any trade at all, instead they are faking it to trick you so that they can earn some money at your expense.
Despite their profiles being full of luxurious images many of these so-called millionaire traders are actually flat-out broke.
Have you ever thought WHY is the account owner so desperate to “help you make money”? If the account holder is selling their courses to learn trading, advertising it, making money from those who purchase, then it makes sense. But these traders are asking you to sign up and send some money directly to them and they will give you 3 times more return in a few hours. They lure you by offering good returns from cryptocurrency instantly. And once you send money, you are not going to get any return.
Usually they have huge followers and flaunt luxurious images to trick you and get you in confidence. In most of the cases these followers are not organic but paid bots.
Most of the so-called Instagram traders just so happen to be 18, 19, 20 or 21 years old. It’s very rare that you see many of them older than this & it’s exceptionally rare to see any above the age of 30…The reason? Because most people 25+ are a little wiser when it comes to finance & they would be much more reluctant to jump so easily into something like trading and easy money. The truth is that nothing comes easy with trading – and those that do indeed make money from it often spend their entire days glued to their PC checking the markets. It’s not an easy game at all, and it’s a game where everything can also be lost just as easily as it can be gained. More than 95,000 people lost a collective $770 in millions in scams or hacks initiated on social media platforms in 2021, according to the federal trade commission. When it comes to the online financial scam the saying “curiosity killed the cat” couldn’t be more relevant. That’s all these so-called “traders” are preying on your curiosity, so they can trick you.
How can you protect yourself from these types of scams?
Consider using different email accounts for your social media, financial and health care accounts.
Do not trust and transfer money to someone whom you met online a few minutes ago.
Turn on multi-factor authentication for all of your accounts. If you get a notification of unusual activity on your account, don’t click on any links. Instead, go directly to your profile and change your password manually.
One can file cybercrime complaint online at www.cybercrime.gov.in or you can also dial the dedicated cybercrime complaint number announced by Ministry of Home Affairs at 1930