Seven in ten victims of investment scams are targeted through Instagram, according to figures shared with The Times by the bank TSB.

It said that the photo-sharing social media site had become by far the most popular platform for fraudsters peddling schemes that had cost some people tens of thousands of pounds.

TSB, which has 5.4 million UK customers, demanded that Mark Zuckerberg’s Meta, which owns Facebook, Instagram and WhatsApp, urgently do more to stop fraudsters paying for adverts to trick users or opening Instagram accounts while masquerading as ordinary users. Many of the fraudulent schemes are cryptocurrency scams or fake investment companies.

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