Cryptocurrency Scams Through Social Media Continue to Plague Sweden

It is a globally recognized fact that blockchain and cryptocurrencies revolutionized investments from the word go. Several “rags to riches” stories doing rounds on the internet are credited to the cryptocurrency boom.

However, the so-called “high security” assets have been under regular cyber attacks by hackers, costing millions of dollars each time. Hacks on crypto exchanges are happening all across the globe, which has kept the majority away from trusting the technology. Cyber criminals are working day in and day out to find newer ways to target potential victims, be it in banking, finance or cryptocurrencies.

Cyber criminals have found one such new way to target people in Sweden, and that’s through Instagram. Reports have surfaced recently that a scam is being run throughout Sweden using Instagram as a medium. The scam is gaining traction, with more and more people being conned every day.

As per the reports, the target is given incredible offers on products of famous brands like Apple, Luis Vuitton, Gucci, and Dolce & Gabbana. However, victims are informed that they need to exchange their money with cryptocurrencies to make payment, once the exchange is done, the perpetrators vanish. Most of the victims are aged below 25, which shows that novice person, who want big brand stuff at low prices.

The profiles used by scammers are newly created, with few followers. These fake profiles advertise expensive products like shoes, accessories, electronics, etc., at much lower prices. Lured by the prices, teenagers and people up to the age of 25 fall victim to these advertisements. These fake profiles, when contacted for the ad, con the customer by asking them to act fast as the offer might end very soon. Those desperate transfer money in return for cryptocurrencies, but get nothing at all.

Government authorities have taken cognizance and started their investigation, but this hasn’t stopped scammers from conning people in the country. Reports of scams are growing in number, with no signs of slowing down. The law enforcement department has been trying to make people aware of the scam, but with little success.

Scams through social media have become a common problem, which has been growing recently. However, the thing which bothers the most is that social media companies have not been able to curb such criminal activities through their platform. There have been instances where bots are pretending to be crypto traders and analysts, sometimes encouraging people to take part in crypto contests, ensuring big prizes.

Unawareness among masses is the major contributor to these scams. In a recently conducted survey, it was found that the majority of Europeans know nothing about cryptocurrencies or blockchain. Add to that ignorance from social networks, which further add to the vulnerability.

Crypto brokerage firms stated that there had been too many incidents reported under the scam, more than what the enforcement authorities can handle effectively. Moreover, these firms have stated that platforms like Instagram have almost a non-existent customer service, which makes it quite difficult for victims to report incidents.