My name is Ada, and this is the story of how I narrowly escaped falling victim to a financial scam on social media. Living in Nigeria, where access to financial education is limited, I had to learn the hard way that not everything that glitters is gold—especially online.

It all started one Saturday afternoon. I was scrolling through my Instagram feed, mindlessly liking pictures and watching stories. Suddenly, a sponsored post caught my eye. It was from a seemingly reputable investment firm, offering a once-in-a-lifetime opportunity to double your money in just 24 hours. "Sounds too good to be true," I thought. But then, the testimonials from people who claimed to have benefited were convincing. They were Nigerians, just like me, who shared their success stories, showing off new cars and luxury items they claimed to have bought with the profits.

The Temptation

The thought of doubling my money was tempting. I was saving up to start a small business, and the extra cash would have made a significant difference. So, I clicked on the link and was directed to a sleek website. Everything looked legitimate—the logo, the testimonials, even the registration forms. But something in my gut told me to pause and think.

Step 1: Research Before You Leap

Before taking any action, I decided to do some research. I googled the name of the investment firm and added words like "scam" and "fraud" to my search. To my surprise, there were numerous reports from people who had been duped by this same company. They all told the same story: they invested their money, were promised high returns, and then were ghosted by the so-called investment firm.

Step 2: Verify the Source

I then decided to dig deeper into their social media presence. I checked their Instagram page, which had thousands of followers. But on closer inspection, I realized most of the followers were fake. The engagement on their posts was minimal, and the comments that did exist were either generic or spam. I also checked LinkedIn to see if any real employees were associated with the company. There was none. This was another red flag.

Step 3: Look for Secure Websites

Next, I inspected the website more carefully. I noticed that the URL did not start with "https," meaning it wasn’t secure. A legitimate financial institution would ensure their website was encrypted to protect customer information. This was the final straw that confirmed my suspicions.

The Realization

It was clear to me that this was a scam. I felt a mix of relief and anger—relief that I hadn’t fallen for it, and anger at how convincing these scammers could be. It made me realize how easily someone less cautious could have lost their hard-earned money.

Step 4: Report Suspicious Activity

I reported the Instagram page and the sponsored post to Instagram for violating their policies on fraud. I also warned my friends and family, sharing screenshots and explaining why they should avoid such schemes. It was shocking to learn that some of them had already seen similar posts and were considering investing.

Step 5: Strengthen Your Financial Literacy

This experience taught me the importance of financial literacy. The more you know, the less likely you are to fall victim to scams. I began following reputable financial advisors and institutions on social media, reading articles and attending webinars on financial literacy. This knowledge not only helps in identifying scams but also in making informed decisions about investments and savings.

Conclusion

In Nigeria, where financial scams are rampant, it's crucial to stay vigilant, especially on social media. Scammers are becoming more sophisticated, using psychological tactics and creating fake testimonials to lure unsuspecting victims. But by doing your research, verifying sources, and reporting suspicious activities, you can protect yourself and others from falling into their traps.