That figure is only a fraction of the actual harm, as most cases of fraud go unreported, according to FTC scam data analysis.

Online fraudsters have taken billions of dollars from Americans in recent years and they are using social media to do it.

Since 2021, Americans lost $2.7 billion in scams from social media, the Federal Trade Commission said in a scam report published Friday. And that figure is only a fraction of the actual harm, as most cases of fraud go unreported, the agency noted.

People continue to fall victim to social media scams in part because criminals have a trove of techniques they use for finding their prey, Emma Fletcher, a senior data researcher for the FTC, wrote in an analysis of the scam report.

“They can easily manufacture a fake persona, or hack into your profile, pretend to be you, and con your friends,” Fletcher said. “They can learn to tailor their approach from what you share on social media.”

  • @0110010001100010
    11•1 year ago

    Most cases of fraud on social media this year have stemmed from a user trying to buy clothes, electronics or other goods that had been marketed on Facebook, Instagram or Snapchat, the FTC report reveals. In such instances, a user would order the product, but the item would reportedly never be delivered.

    Erm…so do a chargeback?

    Fletcher said more than half of money reported lost due to social media went to investment scammers. These scammers promote themselves as successful investors but are often just trying to trick people into investing in bogus apps or websites by promising huge returns, she said.

    That’s totally unsurprising. People are way too gullible in thinking they can “make money fast” or whatever.

    The FTC report said Americans also often fall for so-called “romance scams” via social media, in which case a stranger sends someone a friend request and soon starts asking for money.

    Isn’t this one like as old as time? How are people still falling for these?

    • Hot SaucermanEnglish
      8•1 year ago

      How are people still falling for these?

      Lack of education plus an over-inflated sense of self-importance, I would guess.