The latest version of Instagram is a disapointment. So much wasted space!

The pandemic has changed the way we live our lives. It has forced many of us to stay at home to work or study, it has changed our shopping habits where we’re starting to turn more towards online shopping for household necessities and food, and it has also seen us spend more time on our phones as we look for new venues of entertainment.

So much so that it appears that the number of scams on social media platforms, such as Instagram, have seen a rise by more than 50%. This is according to figures from Action Fraud, the UK police national reporting center for fraud and cyber crime. A report from the BBC details a story of how a man lost £17,000 after falling for what seemed like an investment scam based on someone he was following on Instagram.

According to 24-year accountant Jonathan Reuben, he was convinced to sign up for an investment program after following someone on Instagram who claimed to be self-made and constantly posted photos of a rose gold Maserati. Reuben initially made some returns from his investment, which prompted him to put in more money, and ultimately resulted in him losing £17,000.

Jack Moore, a cyber security specialist told the BBC, “People are sucked in and want to believe it and want that lifestyle, especially these days, with young people struggling to get jobs. You definitely see more people looking at different and newer ways to make more money.”

Filed in General. Read more about , and . Source: bbc