Realist, not conformist analysis of the latest financial, business and political news

Instagram’s Part In The Education Of Our Children – They’re Being Defrauded

We do rather think that children should learn about the world. That’s what that education system is for after all. We also think that a little bit of experience aids in understanding what happens out in that real universe away from the protections of Daddy and Mummy. Or Daddy and Daddy of course.

At which point we should celebrate the manner in which Instagram is educating our children:

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]Instagram scam losses soar by 700pc as fraudsters target teenagers online[/perfectpullquote]

OK:

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””] Teenagers are being targeted by scammers posing as events organisers or selling fake goods on social media. Action Fraud, the police reporting centre for cons, said £3.2m was lost to fraudsters on Instagram between October last year and last month. This is a huge increase on the previous six months, when victims reported losses of just £388,982, Telegraph Money can disclose. Additionally, of the 356 victims who told Action Fraud they had been defrauded, 17 were under the age of 18. [/perfectpullquote]

Getting your pocket money nicked is a much cheaper way of learning the lesson than having your mortgage or pension frauded away from you. So, congratulations to Instagram for aiding in this lesson being learned.

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