Instagram’s Rich Kids Are Accidentally Snitching On Their Parents’ Acts of Fraud
No need to be jealous of Rich Kids of Instagram anymore — and we’re not just talking about the reality show, but the innumerable Instagram accounts of wealthy children who brag about their assets online — because cybersecurity firms are now paying close attention to their feeds to see if daddy’s money is being spent illegally.
Most rich people are too smart to brag about their purchases on social media. But their kids aren’t as clued in, and that’s why some cybersecurity firms say 75% of their cases now use social media as evidence to catch wealthy people engaging in fraud.
The Guardian reported a few examples of these cases. One firm actually seized a rich kid’s dad’s private jet after a he posted a photo of it.
How does it work? The authorities use Instagram to map out family and business networks, and use location search tools like Geofeedia to see when and where each post was published.
“You can start building up a profile of that individual,” Daniel Hall, the head of Burford Capital said. “where they are; what their interests are; who are they regularly in touch with?”
50 Cent was recently involved in a good example of how these cases work. He posted a photo of himself with hundred dollar bills spelling out the word “broke” a short time after filing for bankruptcy. When he was summoned by a Connecticut court to explain himself, 50 claimed that the bills were fake.
So be careful what you Instagram, kids, because it just might get seized.
