Social media: a golden goose for scammers
Scammers use social media to lure people into fake shopping deals, bogus investment schemes, and romance cons. Social media was the contact method in one in four fraud reports since 2021, with reported losses hitting 2.7 billion dollars.
Scammers create fake profiles or hack real accounts on Facebook, Instagram, and Snapchat to reach you. They may post ads for products that never arrive, promote fake investment opportunities with promises of huge returns (often in cryptocurrency), or pose as romantic interests and ask for money. Because the reach is global and the cost to them is nearly zero, they can target billions of people at once based on your age, interests, and past purchases.
- Ads for products on Facebook or Instagram that seem too cheap or urgent
- Someone you just met on social media asks for money or wants to rush into romance
- Friend requests from strangers followed by requests to invest or send money
- An 'investment' account that shows fake growth and promises huge returns
- Request to pay by cryptocurrency, gift card, or wire transfer for any social media deal
- A message from a friend asking for money in an unusual way, especially if it mentions crypto
Do not click links in ads or messages from strangers; instead, search the company name online plus the word 'scam' to check it out first. If a friend messages asking for money, call them directly by phone (their account may be hacked). Never send money to someone you have not met in person, and do not pay by cryptocurrency or wire transfer for anything. Report scams to the FTC at ReportFraud.ftc.gov and adjust your social media privacy settings to limit who sees your posts and information.