Social media scammers have stolen $2.7 billion from their victims since 2021, new paper findings reveal Federal Trade Commission (FTC) have claimed.
Just as an algorithm tailors content to your interests, so can scammers who want to cheat you out of money. Unsurprisingly, the younger generations with the highest social media use are the most susceptible to online scams, with the most common losses reported being ordering no-show goods online.
The recent explosion of drop-shipping and cheap (but questionable) Amazon alternatives could be responsible for much of this fraud, especially when these sellers can use targeted advertising on the full range of social media sites to increase their sales.
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Investment scams, where self-styled stock market gurus offer their expertise to multiply your investments, are reportedly responsible for the biggest money losses. Some of these scams use fake websites to steal your social media login details, with scammers then posing as you to spread the ‘success’ of your investment to your friends, family and colleagues.
And to top it all off in this era of social isolationism, romance scams rank second in terms of financial losses. They often start as a simple friend request or random message, but they quickly progress to love bombing and asking for money.
AI is becoming increasingly involved in scammers’ attempts to steal your money and personal data, with a ChatGPT catfishing campaign sparking incredibly persuasive conversations.
To avoid online scams, there are a few things you can do; keep your profile private and limited only to people you know; do not respond to dubious messages from strangers; only buy from reputable online companies; and if someone you know sends a message asking for money, try contacting them outside of social media to make sure it’s really them.