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Cyber Criminals in Sweden Take To Instagram to Scam Crypto Enthusiasts

The thought of wearing clothes or possess products from reputable luxury firms like Gucci, Louis Vuitton, and Apples is something every young person aged below 25 would love to have. However, for cybercriminals, they are always looking for avenues to disappear with people’s money, and social media has presented them with an opportunity to steal from young Swedish Instagram users aged below 25.

To pull it off the cybercriminals took to Instagram created new accounts having a few followers and went ahead to post merchandised products from the above brands with slashed prices which attracted many of the Swedish youths who love finer products from the likes of Louis Vuitton and Gucci. After being contacted the scammers convince their victims to act faster since the slash in prices might attract many interested buyers. With the trap laid, the buyers turn to make payment arrangements. Since the scammers want payment in crypto, they request their victims to proceed to exchange their local currency into virtual currency to finalize the deal and get their products. After confirmation the scammer disappears leaving their victims waiting for goods only to discover later on they were fleeced.

Authorities Try to Shed Light on the Scamming Scheme

Although Swedish authorities have tried their best to prevent the above case, the Instagram accounts are still being created leading to more people being lured into buying the products. Apart from that, a report from a local Swedish crypto brokerage firm shows there are too many cases being reported leading to authorities having a hard time handling the cases. Besides that, the reports also indicate the response from Instagram is wanting since there is no customer support system in place to handle these cases.

While the Instagram case in Sweden isn’t the first one the cryptocurrency industry has been mannered with such schemes from left right and center. Apart from the above example, other cases show the use of bots which act as individuals or social media influencers and lure users into sending crypto to be among the participants in a contest. Some of the bots have been so common leading to one catching the eye of one Elon Musk. From the looks of things, cybercriminals have slowed down on hacking crypto exchanges and stealing from them. Some have turned to use social media platforms to steal from coin holders.