Blue Diamond Blum Bank Possible New Scam?

I found an ad on Instagram and clicked through on a "Learn More" tab to find out what it was about. This leads you to ad audio advertisement telling you that you have won a "Blue Diamond" worth $1127 per week for the next 5 years or if you open an account with Blum Bank, they will extend the weekly payments for 30 years. The only fee they ask for is an $8.95 plus tax administrative fee to process the transaction and set up the account. I believe this might be a new scam to gain access to people's credit cards or Paypal accounts.  This is one of 2 places that I see a report on this exact same situation and those reports are both within the last week. I have also submitted a report on the BBB Website.