Instagram is a vast social network with over a billion active users. Fraudsters do not miss the chance to develop clever schemes on this platform, to deceive users and steal data. These activities are often not run by hackers with high skills but ordinary people who want financial gain.
In this article, we will talk about Instagram Bitcoin scams, as cryptocurrency and its activities have become popular worldwide. To avoid becoming a victim of fraud in this area, we will guide you on what Instagram Bitcoin scams are and how to protect yourself and your money from them.
Common Instagram Bitcoin scams
There is no end to people complaining on Facebook about losing their money to Bitcoin pyramid schemes. As for Instagram, there is a growing market of scams promising users to get rich quickly. These scams include Get Rich Quick Bitcoin Pyramid and Cash Cow Pyramid Schemes.
1. Big wins, short timespan:
People who talk about making large returns on smaller investments or pressure to transfer money quickly are warning flags. Anyone contacting you about a “Bitcoin mentor” should be avoided.
2. Could you send me the money?
Investing funds in someone else’s digital wallet via purchasing cryptocurrency is a waste of time and money. This is similar to a request to give a loan to a stranger, without anything to guarantee a return.
3. Hostage-style scams to cryptocurrency:
Many videos on success claims made by Bitcoin are creepy videos produced by previously scammed people. Users are asked to record videos in exchange for rewards in bitcoins or fiats. Advertisement of such offers is spread on Instagram, which is senseless and untrue.
4. Changes in circumstances:
If you are asked to change the username and password of your account to the one that will send you, then the scammers are trying to get access to your profile on Instagram. In the future, fraudsters can perform unauthorized actions on your behalf, and you will not be able to influence them. So make up your passwords and logins that only you will know.
How To Protect Yourself from Instagram Scams
• Double check the URL
If any unauthorized activity or something else occurs on your Instagram account, notifications about this will not come to your app. To avoid falling victim to fraud, check the official messages on Instagram that have been sent over the past 14 days. To do this, click "Settings". But if you have doubts that your account has been compromised, go into your "Settings" and click "Login Activity".
• Find the verified blue check mark
Official Instagram and celebrity accounts are often marked with a blue tick next to the user name. If you notice that you are being contacted on behalf of some brand, but this account is not confirmed as official, then it is likely not legitimate. If you want confirmation of whether this account is official, go into their profile and select "About This Account."
• Enable two-factor authentication (2FA)
Enabling two-factor authentication means that whoever logs into your account must pass an additional checkpoint. This means that after you enter your login and password. You will receive a confirmation code as a text message or e-mail. You will need to enter this code, and then you can log in to your account. In addition, 2FA also provides fingerprint or facial verification or a question you can only answer.
• Never trust the strangers with your money
Trusting someone with money is the last thing you need to do on social networks. Don’t be fooled if you’re offered something to do, publish a post, or make a video in exchange for a cash reward. This is most likely fraud, so you can compromise yourself, give bad reviews to others, and give out your payment and confidential data for money transfers, etc.
