Instagram Crypocurrency Fraud Alert! What to do

The wider the use of cryptocurrency, the more scammers go after your cryptocoins. How do you catch these digital pickpockets red-handed – or at least, know them before they “reach” into your “pocket”? Instagram, with its multiple offers on luxury goods is one such marketplace where you should watch out. Here’s some thoughts on what you should do to keep your crypto-riches intact

Many of us have heard stories from others who have made bargains shopping, say, in outlets in Italy, getting brands for virtually nothing. Now, the same is offered all over the Internet, and Instagram is certainly one of the leaders. A 70% discount? 80%...95%?! That’s luck at its best; give me two!.. Wait. Hold your horses.

Things are never as simple as they seem. Luxury goods have luxury prices for a reason. If you see a famous and usually very expensive brand for sale on Instagram for an extraordinarily low price, ask the merchant why. If the answer is - “We need fast financial liquidity” - run. 

These scammers would have access to short term loans through payday lenders, and wouldn‘t need to sell brands for nothing.

Be suspicious! Doubt and test everything that looks too good. More often than not, scammers won’t actually own the items they claim to be selling. How can you check? Simple. Ask for more photos of the item you liked. A close-up of a button on the coat. The inside of a shoe. The lining of a purse. Make it as difficult as your imagination allows to be sure they don’t find it on the Internet. They can’t send photos? Right...

By the way, speaking of photos… ‘Reverse image search’ will tell you volumes. Isn’t finding the same exact picture – or pictures – on different pages a bit suspicious? It sure is. Do you stop worrying if you got all the photos of the items you want, from every angle and side? No, you don’t – you remain suspicious. You ask the seller for company registration links to the payment page – needless to say, you should pay with your plastic card. Of course, the seller may tell you that they have, say, multiple bank accounts. Just so you know, card transactions are registered, and the amount goes to the designated bank account, immediately after the transaction is completed.

There’s also a really interesting feature with some credit cards, called ‘chargeback.’ You fill out a chargeback form and get the chargeback option for 120 post-transaction days, which means, your money will return if the product you receive in the mail doesn’t match the description you have bought it for, is bad quality or has any damage, - or it never reaches you. But, since blockchain transactions aren’t reversible, if you performed flat currency to cryptocurrency exchange, - you don’t get chargeback, sorry. The same, by the way, applies to wiring money and cryptocurrency. Besides, you can’t possibly wire money to another bank account without leaving traces; this doesn’t happen when using cryptocurrency.

Another thing to watch out for are logos of cryptocurrency brokers on the seller’s page. Fake sellers will often use names and logos of real brokers. All cryptocurrency exchange providers’ pages have online chat – or else, you can email or phone them. Contact them and ask if they’re really engaged in e-commerce.

Gone through all of these and made alarming discoveries every time? Report the Instagram account suspicion to relevant authorities – today they offer quick and easy online options for this purpose.

Get done with it, and proceed to reliable and fulfilling Instagram shopping experience with honest sellers.