The Canadian Anti-Fraud Centre has received reports of scammers gaining control of Instagram accounts. Suspects blackmail victims to record themselves promoting fake cryptocurrency platforms in order to regain access to their account.
Scammers are sending phishing emails with fraudulent links for fake Instagram login pages; this allows scammers to steal account credentials. Once an account is taken over, suspects blackmail victims to record a video of themselves promoting fake crypto currency platforms. Suspects advise victims that this is the only way they can recover their account.
After the video is recorded, it is posted on the victim’s social media accounts with a link for their followers to make a fraudulent investment. Victims will never recover their social media account and their followers are at risk of losing their funds if they invest through the fraudulent crypto currency platform.
