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Dangerous Instagram and Snapchat ‘instant cash’ scam turns you into a ‘money launderer’ for crooks – and could see your bank account FROZEN
These dangerous scams can leave your bank account EMPTY
CRIMINALS are targeting teenagers on apps like Instagram and Snapchat for money laundering, a new report reveals.
These online “money mules” are used to clean up dirty money – and are being hooked in by tempting and widespread social media posts.
Scammers offer Instagram and Snapchat users “instant cash” if they hand over bank details.
And while cash will inevitably flow through the bank account of a “mule”, they’ll end up with nothing to show for it – and in some cases, face an investigation by authorities.
An investigation by Sky News found that fraudsters are “operating with impunity” on popular social networks.
And it revealed that under 25s are six times more likely to fall victim to fraudsters on social media than over 50s – which is why criminals target youngsters in particular.
The report also revealed that some victims end up with their own bank accounts being cleaned out – or used for financial transactions.
Sky spoke to victim Rochelle, who was 15 when she was approached as a money mule on Instagram.
She was enticed by an offer of a “few hundred pounds” in exchange for sharing her bank details – but it was a total scam.
Money was laundered through her account and then withdrawn again, leaving her with nothing from the criminals.
Rochelle’s bank later questioned her, and blocked her account.
“I felt really humiliated, because I can’t believe I actually thought that I was going to get this money,” she explained.
“I think people are actually afraid to say that it hasn’t worked, because they feel humiliated and embarrassed.
“I know my sibling got scammed, my best friend got scammed and a lot of my other friends got scammed.”
The Sun found that a search for the #instantcash hashtag on Instagram brought up over 107,000 posts.
One of the most recent posts under the hashtag was a photograph of someone holding a wad of cash.
The caption read: “Looking for a legit way to make cash TODAY? Then look no further!
“We flip your hundreds to thousands, usually takes 5-15 mins via cash app.
“Same day cash and we also provide proof as well as a 100% money back guarantee policy as well.”
The account has only been posting on Instagram since January 30, but has managed to upload nearly 80 photos.
Instagram appears to be fuelling the problem itself, by recommending users to other potentially dangerous hashtags.
The Sun found that when you search for #instantcash, you’re also pointed towards other hashtags that suggest similar content – like #financialhelp, #moneyinminutes, #loans, #needextracash and #cashflipping.
One of the most concerning hashtags recommended by Instagram was #activebankaccount.
The top post on that hashtag asked users to send across their “bank login and card with PIN” – promising users a “cash-out”.
A scammer reveals the inside story of Instagram ‘money mules’
Here’s what long-time scammer Dan, from north London, told Sky…
“They want to make easy money. They just think they’re handing over a bank card with their details.
“They don’t realise they’re not going to see any of this money at the end of it.
“The easiest way now is to go on Instagram and type in ‘instant cash’ or something like that.
“There’s so many following these groups, advertising the exact same thing you are. There are thousands who want to get rich.
“You just drop them a line saying ‘do you want to make easy cash? – have you got a card?’ and you’re quickly inundated with lots of takers.”
UK authorities are now working hard to tackle what appears to be a growing problem.
“The ultimate aim is to stop the money going in, to freeze that money and hopefully repatriate it, if possible,” said Tony Blake, head of fraud prevention at UK Finance.
“We obviously also want to close those accounts and stop those people opening accounts in the first place.”
According to figures from the Cifas fraud prevention agency, 30,000 money mules were identified in the UK between January and October 2018.
A third of those mules were younger than 21, with 5,000 were under 18.
Last October, Michael Lanyuru, 24, of east London, was jailed for 21 months after laundering cash through online money mules.
“Ultimately, there is no free money. If somebody is asking to use your account for a fee, that is illegal,” Paul Curtis, acting detective inspector from the City of London Police’s financial investigation unit, told Sky.
“You have to make sure you know where the money is coming from and if you can’t account for it, you do risk prosecution for money laundering.”
An Instagram spokesperson gave the following statement to The Sun: “Criminal activity is not allowed on Instagram and our community clearly state that people must follow the law.
“We encourage people to report content they think is against our guidelines using our in-app tools.”
The Sun understands that several Instagram accounts have been banned from the app as a result of Sky’s investigation.
It’s possible for users to report content or accounts that are believed to be breaking Instagram’s rules. Instagram has a team of reviewers who check these reports 24 hours a day.
We’ve asked Snapchat for comment and will update this story with any response.
MOST READ IN TECH
Last year, The Sun exposed a network of Instagram sex hashtags that allowed porn to circulate on the site
Instagram recently apologised for “deadly self-harm pics” – but was blasted by child experts for “consistent failure”.
And in December, a shock Instagram investigation revealed how paedos were using “toddler bikini” hashtags to steal photos for sick porn sites.
Do you think Instagram and Snapchat do enough to protect users? Let us know in the comments!
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