Victims Reported $2.7 Billion in Social Media Scam Losses Since 2021: FTC
Social media scams have cost victims $2.7 billion since 2021, according to the Federal Trade Commission (FTC). One in four people who reported losses to the FTC said the fraud originated on a social media platform. Shopping scams made up the majority of cases, with undelivered goods being the most common problem. Investment scams, promising large returns and often involving cryptocurrency, caused the most significant losses. Romance scams, where scammers manipulate victims for their money, also resulted in substantial losses. The FTC advises caution on social media, including limiting permissions, being skeptical of requests for money, and researching online brands before making purchases.