In the notification, there's a link to see the full post. When you click on the post, it takes you to what appears to be the Instagram log in page.
To see the "Ugly List" you have to log in.
But don't do it! The form is fake, according to the BBB.
If you log in, your username and password will be used to hack your Instagram and tag your followers in new "Ugly List" posts.
When you put your login information into the fake page the BBB says it perpetuates the con, allowing them to steal more information.
How to avoid it?
Here are some tips from the Better Business Bureau.
Do a quick search. Be wary of anything that is shocking or sensational on social media. If it seems suspicious, it likely is. Victims of these types of scams will typically post complaints and information online.
Don't trust your friends' tastes online. It might not actually be them "liking" or sharing these scam posts. Their account may have been hacked.
Hover over a link to see its true destination. Before you click, mouse over the link to see where it will take you. Don't click on links leading to unfamiliar websites.