How to spot online 'finfluencer' scams

BE WARY OF INTERNET PROMISES OF EASY CASH, SAYS CAMILLA FOSTER

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AN increasing number of sharp-suited, seemingly successful financial influencers often dubbed “finfluencers” are flooding our social media feeds, appearing in countless posts, promising a fast-track to wealth through just a few easy steps.

Although these posts may seem like a quick and easy way to make money, more often than not they are scams that can leave you even more out of pocket.

A survey of 1,800 social media users, conducted by Censuswide in June and commissioned by TSB Bank, highlights growing concerns around financial advice on social platforms. It found that 31% of respondents had followed financial tips seen on social media - and of those, 55% reported losing money as a result.

The survey also showed that social media can negatively impact users’ perceptions of their finances, with 43% saying they felt worse about their financial situation after viewing wealth-related posts.

Younger users were especially affected: 67% of those aged 16 to 24 and 61% of those aged 25 to 34 said such posts made them feel worse, compared to just 22% of people aged 55 and over.