Tier 3: The last shift

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 24 October 2020

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

The numbers of people targeted by thieves on Instagram has sharply risen during lockdown and Action Fraud is warning Instagram users to be wary of fraudulent investment posts offering ‘get rich quick’ schemes. Criminals use the app to promote investment schemes, luring users with the promise of high returns. We speak to one man caught out.

As Tier 3 coronavirus restrictions expand, we look at the support in place for workers.

And it’s already estimated that nearly two million people who were not in financial difficulty before the pandemic are now struggling to pay all of their bills. Could a 'temporary' debt payment plan help them through the worst of the crisis?

Presenter: Paul Lewis Researcher: Darin Graham Reporter: Dan Whitworth Producer: Alex Lewis Editor: Richard Vadon

Transcript

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0:00.0	You're about to listen to a BBC podcast, but this is about something else you might enjoy.
0:05.4	My name's Katie Lecky and I'm an assistant commissioner for on demand music on BBC Sounds.
0:10.8	The BBC has an incredible musical heritage and culture and as a music lover, I love being part of that.
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0:22.4	helping you nod off, boogie in your kitchen, or even just a moment of calm. And they're all put
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0:35.0	check out BBC Sounds.
0:41.2	BBC Sounds, music, radio, podcasts.
0:47.5	Hello, in this Moneybox podcast, the Chancellor has announced major improvements in his support for jobs,
0:50.4	where are businesses in difficulties or told to close.
0:53.8	I talked to a man who did all the right things to manage his debt, but was then told he owed an
0:55.5	extra £60,000. And we resurrect the lost moneybox tape of our theme tune. But first, thieves are
1:05.9	targeting Instagram users to trick them into parting with large amounts of money. There was a sharp rise in the number of people conned by these crooks after the coronavirus outbreak began in March, and there's been a rise too in the amount victims are losing. One common story uses the image-based Instagram platform to post pictures of individuals living a luxurious lifestyle with expensive cars,
1:29.6	even yachts. Gervin Singh, a man from Plymouth, claimed he got rich quick by trading in
1:34.8	foreign currency. He offered Instagramers the chance to follow his successful trades, a move
1:40.6	towards the dream of their own wealth. Jonathan is a 24-year-old accountant.
1:46.4	I was following this guy on Instagram.
1:48.7	I mean, he always posts with his car a rose gold Maserati.
1:52.2	So he portrays this lifestyle that he's really rich and self-made,
1:55.5	and he's really young, he's only 21.
1:57.7	And then he started posting that he was bringing out a service where he would trade
2:02.1	for you. So essentially any trade that he does would get copied on your account. So he put a link
	...

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