Latest Instagram scam targeting minors and young adults
The bad guys are relentless, and in our digital world the avenues for potential scams are broad and seemingly never ending.
Lately, con artists are using Instagram to prey on minors and young adults, Arkansas Federal members included. These criminals prey on victims’ ambition and even their desire to help others.
Truman Griffin, senior compliance officer with Arkansas Federal, says that Instagram is the current mode of choice, but the bad guys are using apps and online games too.
“Victims think they are getting a job, making an investment, or helping someone in need,” Griffin explains. “But in the end, they are left with a debt.”
Griffin says the con artists portray themselves on social media as having lots of cash and expensive things in order to engage youth in “get rich quick” schemes.
“It starts with a payment made by a counterfeit check,” he says. “The con artist will instruct our members to withdraw the money from their account and split the funds. However, the money is soon recalled by the bank the check was written on.”
These scams affect members from all walks of life, he notes, but it’s becoming a significant issue lately with young members.
Griffin says there’s one sure-fire way to avoid falling victim to these scams: “If it sounds too good to be true, it is.”