Americans Lost $770 Million.
Social Media Fraud.
Scammers Target Social Media.
Introduction:
FTC reports that over 95,000 US consumers reported losses of roughly $770 million after getting scammed on social media platforms. This is
approximately a quarter of all losses to fraud reported in 2021. OUCH! One in four people who reported losing money to fraud in 2021
said it started on social media with an ad, a post, or a message. As per the FTC, social media is far more profitable to scammers
than any other method of reaching people.
Details:
The most profitable social media scams were those promoting bogus investment opportunities, with more than half of reports in 2021
mentioning money and cryptocurrency lost to promises of huge returns. Romance scams were the second most profitable fraud on social
media after reaching record highs during the last years. The most significant number of scam reports linked to social media
were sent by people who lost money to online shopping scams where marketed products were not delivered.
Some reports described ads that impersonated real online retailers that drove people to lookalike websites.
Currently:
Based on the social media platform identified in the reports of investment, romance, and online shopping scams, the most popular platforms among
fraudsters were Facebook and Instagram. Be aware that there are many other types of social media fraud. New ones surfacing all the time,
Additional Security:
Limit who can see your posts and information on social media. These platforms collect information about you from your activities on social media
Visit your privacy settings to set some restrictions. Some platforms allow you to opt-out of targeted advertising. RED FLAG ALERT -
If you get a message from a friend about an opportunity or an urgent need for money, call them. Their account probably were compromised.
Especially if they ask you to pay by cryptocurrency, gift card, or wire transfer. Be prudent when someone appears on your social media
and rushes you to start a friendship or romance. Never send money to someone you haven't met in person. Before you buy from a unknown vendor,
search online for its name and scam or complaints.
Closing:
In November 2021, the FBI also alerted online shoppers that they risk losing over $53 million to holiday scams.
FYI - sharing personal info online will only help scammers.
Reference link for the full story:
FTC: Americans lost $770 million from social media fraud surge
This information is brought to you by Vectech Solutions, The Gold Standard in Cybersecurity
#socialmediafraud #Scams #americanstargeted