Scams seem to be unavoidable if you own a phone these days, but the number of Instagram scams has soared by 155% in the past year - according to analysis from Lloyds Bank.
Fraudsters are increasingly using the social media platform trying to con users out of their money. Contrasted with a fall in these types of scams carried out via Facebook and Snapchat, this suggests Instagram may be the new sphere for organised criminal gangs who perpetrate fraud on a mass scale, the banking giant said.
Victims of the scams lost around £336 each on average, Lloyds said. Those most likely to fall victim to an 'insta-scam' are around 18 to 24-years-old, on average, as reported by Liverpool Echo.
