$770 Million Lost from Social Media Fraud Surge

The Federal Trade Commission (FTC) is an independent agency of the United States government whose primary objective is the enforcement of civil antitrust laws in the United States and the promotion of consumer welfare. The Federal Trade Commission (FTC) and the Department of Justice Antitrust Division share authority over federal civil antitrust enforcement.

What Happened?

According to tens of thousands of complaints received by the United States Federal Trade Commission (FTC) in 2021, Americans are increasingly being targeted by fraudsters on social media platforms.

According to the Federal Trade Commission, over 95,000 US customers reported losses of around $770 million as a result of being scammed on social networking networks.

This is roughly a fifth of all fraud-related losses recorded in 2021, representing a huge 18-fold increase over reported losses in 2017 and more than twice over losses reported in the previous year.

More than 95,000 people reported about $770 million in losses to fraud initiated on social media platforms in 2021. Those losses account for about 25% of all reported losses to fraud in 2021 and represent a stunning eighteenfold increase over 2017 reported losses. Reports are up for every age group, but people 18 to 39 were more

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