Security News > 2023 > October > $2.7 billion lost to social media scams since 2021

Scams originating on social media have accounted for $2.7 billion in reported losses since 2021, more than any other contact method, according to the Federal Trade Commission.

In a new data spotlight, the FTC also takes a deep dive into social media scam trends in the first half of 2023.

Reports during the first half of the year show that the most frequently reported scams on social media are related to online shopping, with 44% of reports pointing to fraud related to buying or selling products online.

While online shopping scams are the most commonly reported scam on social media, the spotlight notes that scams using social media to promote bogus investment schemes account for larger overall losses, accounting for 53% of all the money reported lost to scams on social media in the first half of the year.

The spotlight noted that romance scams accounted for the second-most reported scam losses on social media.

The FTC recommends that consumers take steps to limit who can see their posts or contact them on social media, and to reach out directly by phone if someone claiming to be a friend or relative messages on social media asking for money.

News URL

https://www.helpnetsecurity.com/2023/10/09/social-media-scams-losses/