Over 58.4% of the world uses social media, with 424 million users joining last year. In 2021, the Federal Trade Commission estimated that over $770 million was lost to scams originating on social media. Investment, romance and online shopping continue to be the most common social media scams in 2022.
Unfriend Cybercriminals and Avoid Social Media Scams
With more than half the world using social media, it’s no surprise that cybercriminals use these platforms for malicious scams.
Investment Scams
Fake investment scams prey on emotion, particularly the lure of easy money with very little risk. Cryptocurrency’s rise, paired with most people’s limited understanding and experience, has driven an increase in investment scams involving this financial vehicle.
Nearly half the people who reported losing crypto to a scam since 2021 said it started with an ad, post or message on social media.
Romance Scams
One third of romance scams begin on Facebook and Instagram by scammers who woo their targets with fake profiles using stolen photos or identities. The scammers fake common interests to build an emotional connection with their victim. Inevitably, the cyber courtship results in a request for money, whether for surgery, gambling debts or travel costs. Payment requests by gift card are common, resulting in $36 million in losses in 2021.
These bad romances found a soulmate with investment scams. The scammer builds trust and then impresses their amour with their sophistication about crypto investing. They help their beloved make investments, which really land in their own pocket.
Shopping Scams
Another favorite scam of cybercriminals is to create fake social media shopping profiles and accompanying internet pages. They locate their targets using social media algorithms and then spoof famous retailers or use high-end brands to entice shoppers looking for a good deal. The products offered are either counterfeit, poor quality or nonexistent. Once the payment is submitted, no matter the con, the money is gone, and credit card information is compromised.
The old adage applies: If it’s too good to be true, it probably is. Opting out of targeted advertising can help you avoid receiving these malicious posts in your feed.
Be Anti-Social with Scammers
Unfriend cybercriminals and keep them off your social media feed. Below are a few best practices to keep in mind:
- Review privacy settings to limit who can see your posts and information.
- Be wary of vendors requiring nontraditional payment methods like cryptocurrency, gift cards or wire transfer.
- Don’t send gift cards, wire money or cryptocurrency to someone you meet online.
- Don’t take investment advice from someone you meet online.
- Use the Federal Trade Commission’s online shopping advice, including checking out the company before making a purchase.
- Don’t click on promotional links; navigate directly to the retailer’s website.
Even savvy social media users can get tripped up by a scam. If you become a victim, be sure to file reports with the Federal Trade Commission and the FBI’s Internet Crime Complaint Center.