Fake/fraud profiles are affecting many across Instagram. From content creators to large brands. This is not only resulting in people being scammed others may permanently lose their accounts. Some of the fake/fraud profiles use content from brands or large content creators such as their logos or other copyrighted material. Some fake/fraud profiles appear within minutes of a big brand having a giveaway announcement.

Others are having their content stolen. People's photos are being taken to create a fake profile. Some fake/fraud profiles direct users to off-site links that request payment information to claim a prize or to sign up for a video service. Some fraud profiles are using valid website links.

Some of the fake/fraud profiles are direct messaging other platform users and asking for money. 

Brands should not have to deal with this nor should content creators. This affects all users on the platform. Even if you are an occasional Instagram user I have a feeling you've dealt with fake/fraud profile followers. 

 Instagram should implement a way to stop these accounts.  It violates their platform's terms of service and user agreement.
Instagram needs to find a way to block these accounts.