Fraudsters are able to operate with impunity on social media networks like Instagram and Snapchat, scamming users and running little risk of being caught, a Sky News investigation has found.
Police and anti-fraud groups are also warning that a too-trusting Instagram generation is falling victim to get-rich-quick scams, worth many millions of pounds a year to criminals.
Figures obtained by Sky News show under 25s are six times more likely to fall victim to criminals using social media platforms than over 50s.
The scams include the rapidly growing phenomenon of “money mules”, where thousands of young people are being coerced by criminals into laundering the proceeds of crime through their bank accounts.
Fraudsters entice their victims with the prospect of a share of the money being laundered, but much of the time they receive nothing.
A recent Europe-wide crackdown by law enforcement agencies prevented around £31m in illegal transactions by around 1,500 money mules.
Read the original article here: news.sky.com
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