FTC criticizes social networking sites as a ‘gold mine for scammers’
Investment and cryptocurrency scams
Fake cryptocurrency and investment opportunities are among the biggest scams happening on social media right now.
An estimated 37 percent of all social media scam losses in 2022 were due to investment scams, with the majority being cryptocurrency scams.
The scam starts when a scammer contacts you, usually through a direct message on social media.
They’ll start off trying to build a relationship, but then quickly share information about a ‘great investment opportunity’ that helped them ‘make so much money so fast’.
romance scams
Romance scams are common on dating sites, but many scammers also turn to social media to find victims.
In these scams, scammers create fake profiles using stolen photos of attractive people to lure unsuspecting social media users.
Once they start a relationship, they are very bold and “bombard” their victims, quickly telling them that they are in love and that they want to meet.
The fisherman will mention financial problems and eventually ask for help.
Romance scams comprise up to 24 percent of all scams on social media.
Social Media Account Takeover Fraud
Account takeover fraud occurs when hackers gain access to someone’s social media profile.
They can trick you into giving up access, use a phishing attack to steal your password, or simply buy your login information on the Dark Web.
Authentication code scams
Two-factor and multi-factor authentication (2FA and MFA) offer additional security for your online accounts by requiring confirmation of a special code along with your password.
The codes are usually sent via text or email, making it difficult for hackers to steal them.
Scammers on social media pose as friends or contacts who need “help” to recover their account and will ask you to send a code to your phone or email.
Social media ads promoting fake online shops
Scammers often use social media ads to promote fake products or shops on social media.
The Better Business Bureau (BBB) received thousands of complaints about misleading Facebook and Instagram ads.
These online shopping ads try to grab your attention by saying that proceeds will go to charity or by listing items at outrageously low prices.
Copycat accounts
Scammers create fake social media accounts using someone else’s name, photos, and other identifying information.
Impersonators’ accounts may request money, send links for phishing scams, or post fake giveaways and prizes.
Scammers have also started impersonating celebrities.
‘Is that you in this photo/video?’, other link scams
This scam is another version of an account hack scam.
You may receive a message from a friend or stranger saying something like: ‘Is that you in this photo?’ next to a link.
The advice is that you do not click on the link.
Social Media Quizzes
Scammers use social media quizzes to steal your personal information and break into your accounts.
These quizzes start with innocent-sounding questions like “What car did you pass your driving test with?” or ‘What is your mother’s maiden name?’ or ‘What street did you grow up on?’
But these are common security questions to access your bank account and other financial institutions.
Lottery Sweepstakes and Giveaways
In this type of scam, scammers send you a private message to tell you that you’ve won a prize. But to receive it, you must first pay or provide financial information.
Social media job scams
The number of job scams has skyrocketed in recent years as more Americans work from home or work exclusively online.
Scammers create fake social media accounts to promote amazing remote work opportunities, promising you can earn big bucks.
Scammers have two goals when running a job scam:
1. Get money from you. A con man will give you the job, but only if you ‘buy the equipment’ first.
2. Obtain information from you. Scammers will send you a job application in the hope that you will fill it out and provide private information, such as your Social Security number and home address.
Fountain: aura.com