Keyword Analysis & Research: bitcoin scam on instagram

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Frequently Asked Questions

How to avoid a bitcoin scam on Instagram?

Then, the victim is locked out of their Instagram account, and the account is used to post more links to fake bitcoin investments. To avoid the bitcoin scam and a hacked Instagram account, never share your Instagram account credentials with anyone else. Protect your account with a strong password and two-factor authentication.

What happens when a victim's 'friend' posts on Instagram about bitcoin?

According to reports to the ITRC, a victim’s “friend” (whose account has been taken over) posts on Instagram about how much money they make while investing in Bitcoin. Once the victim shows interest, they are asked to make a video saying how much money they made.

Why do scammers use Bitcoin?

Scammers like to use Bitcoin and other cryptocurrencies because transactions are irreversible and don't require disclosure of personal details. For victims like Jonathan, it's almost impossible to get money back. "When I went to the police, they basically said, 'You've only lost $20,000. We know people who have lost millions,'" he says.

What are the most common Instagram scams?

Phishing: there are plenty of Instagram scammers out there trying to collect (or phish for) your personal information, such as codes, passwords, or login details. Common tactics include impersonating the Bitcoin brand, or offering supposedly useful services once you’ve entered your details.

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