The number of Instagram scams has soared by 155% in the past year - according to analysis from Lloyds Bank.
Fraudsters are increasingly turning to the social media platform in a bid to con users out of their hard-earned cash. This is contrasted with a fall in these types of scams carried out via Facebook and Snapchat, suggesting Instagram may be a new battleground for the organised criminal gangs who perpetrate fraud, on a mass scale, the banking giant said.
On average, victims of the scams lost around £336 each, Lloyds said. The average age of those most likely to fall victim to a scam was 18 to 24.
