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InstaPay Alerts Users on Money Theft Risks
Instagram has issued warnings to users regarding online scams aimed at stealing bank details and money. The warning comes amid increased reliance on electronic payment services and instant transfers in Egypt, where scammers often impersonate bank staff or customer service agents to persuade users to reveal confidential information such as PINs and verification codes. The application also pointed out that the One-Time Password (OTP) is solely intended to verify identity during transactions, and sharing it with anyone is a sign of an attempted scam. Users are advised to be cautious when asked for OTPs via phone calls or messages. Instagram urges users to keep their financial and personal data confidential and not to share it with untrusted parties, especially sensitive information like PINs and card details. The app clarifies that transactions over its network incur a fee of 0.1% of the amount, with a minimum of 50 piastres and a maximum of 20 Egyptian pounds. Transaction limits are set at 70,000 pounds per operation daily and up to 400,000 pounds monthly. The platform stresses the importance of carefully reviewing beneficiary details before confirming transactions and avoiding fake messages or suspicious links. It is noted that Instagram's user base in Egypt exceeded 12 million by the end of 2024, with ongoing efforts to promote financial safety through electronic transfers.
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