Phishers stealing Instagram credentials by offering the verification badge

Security researchers have unearthed a new phishing scam that involves phishers obtaining login credentials of Instagram users by offering them the verified blue tick badge on the social media platform.
The "blue tick" verification badge on popular social media platform Instagram is not only a great way to brand an account as one belonging to "a notable public figure, celebrity, or global brand", but also helps fans of pupular actors, musicians, politicians, or global figures to separate genuine accounts of their stars from imposter accounts.
Considering that Instagram now has over a billion users from across the globe and serves as a powerful platform for celebrities and public figures to distribute content, there is a great demand for the "blue tick" verification badge all over the world.
Instagram itself offers users a way to apply for the verification badge to get their accounts branded as verified and genuine. The "Request Verification" tab is located in the "Settings" section in a user's profile page and can be navigated to in seconds. Once a user submits a request, the application is reviewed by an Instagram team before it is accepted or denied.