Summary: Victims of fraud lost a total of $2.7 billion to scammers on social media platforms between January 2021 and June 2023, surpassing losses from regular websites, phone calls, and emails. The most common scams on social media were online shopping scams, investment fraud, and romance fraud. Scammers often lure victims with promises of high returns on investments, particularly involving cryptocurrency. The Federal Trade Commission (FTC) advises users to limit their profile information, be cautious of requests for money from friends online, and research companies before making purchases.

Hashtags: #fraud #socialmedia #onlineshoppingscams #investmentfraud #romancescams #FTC

https://www.infosecurity-magazine.com/news/social-dominates-victims-take-27bn/