- An Instagram account called @BallerBusters is exposing self-identifying entrepreneurs who flaunt wealth they don't have in order to sell young followers a variety of services, reported Taylor Lorenz for The New York Times .
- Instagram has become a place where wealthy millennials can raft an image of affluence and exert their influence, and it's opened the door for fake influencers. would cut wealthy here - the point is that it's faux wealth
- Now that Instagram is testing hiding "likes," more fake influencers could pop up if the feature is implemented, an expert told Business Insider's Amanda Perelli .
- Visit Business Insider's homepage for more stories .
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Millennials are scamming their Instagram followers by flaunting wealth they don't have, and the problem could get worse if the platform implements its hidden 'likes' feature
Michael Dodge/Getty Images
Instagrammers who flaunt a fake or overblown image of wealth have met their match.
Since February, an Instagram account called @BallerBusters has been calling out these frauds, which it dubs #FlexOffenders self-identifying entrepreneurs who show off a fake, lavish lifestyle to sell young followers services like mentorship programs or online classes, reported Taylor Lorenz for The New York Times .
These services can cost thousands of dollars, but aspiring entrepreneurs "end up paying for bad advice," Lorenz wrote, adding that some scammers hire subcontractors to teach their own classes.
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Lorenz calls them a "new breed of scammer" typically, men whose Instagram profiles consist of corporate headshot avatars, large (and possibly purchased) followings, and a feed of cars, money, and jets.
After a process that involves everything from examining legal filings and screenshotted messages from those who said they've been scammed to talking with industry experts, @BallerBusters typically "busts" the scammer on Instagram stories, Lorenz wrote.
"We're not TMZ or a review page we actually do investigative journalism," the account's administrator told her.
Instagram is all about bragging and influencing
Millennials are giving money a new look , according to Larissa Faw in a piece for Forbes .
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"They will vacation in Ibiza with their buddies or fly to New York City for the weekend," Andrew Moultrie of Extreme International, a sports-lifestyle brand rich millennials favor, told Faw. "They see the richness in the storytelling of having an experience, rather than buying one expensive item."
And they love to show off these experiences on social media. "What affluent millennials prioritize is the awesome group photo that can be posted on their Facebook wall," Faw wrote.
Look no further than the "Rich Kids of the Internet" (RKOI) to see the extent to which Instagram has become a bragging platform. Their feeds are filled with everything from luxury cars and yacht trips to luxury beach vacations but who knows which of these kids is actually rich?
More fake influencers could pop up on Instagram
Wealthy millennials are taking to social media not just to flaunt their riches, but to exert influence over trends . Influencers' clout is increasing, and it's shifting the power dynamic in the luxury world, according to Marc Bain for Quartz .
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The rise of Instagram as a means to display wealth and extend influence has created the perfect cocktail in which #FlexOffenders can thrive.
And more fake influencers could pop up now that Instagram is considering hiding "likes" on posts in the US, Joe Gagliese, the CEO of the influencer marketing company Viral Nation, told Business Insider's Amanda Perelli . This week, Instagram began testing the feature for US users, and it may cause brands to find alternative ways to measure engagement, Perelli reported.
But that's not what Gagliese is concerned about. "It's easy to buy followers, but getting likes to align is hard," he said. "Now that people don't have to make sure their likes correlate to their following, one of the easiest ways to spot fraud, this will create more fake influencers in my opinion."
By Gagliese's account, if the feature is fully implemented, @BallerBusters might soon have some more busting to do.
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See Also:
- Owning a private jet is not for the mere millionaires among us
- Alibaba hit $13 billion in sales in the first hour of Singles' Day. Meet the event's creator and Alibaba cofounder Jack Ma, the richest person in China.
- Michael Bloomberg is reportedly planning to run for president. Here's how the 8th-richest person in the US and former NYC mayor makes and spends his $52 billion fortune.
SEE ALSO: Rich millennials are creating new trends and status symbols here are 7 ways they're redefining what luxury looks like
DON'T MISS: Edit in Viking Millennials have less money than any other generation did at their age but you'd never guess it from the way they're flaunting their money on dating apps
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