The Federal Trade Commission (FTC) warns consumers to keep an eye out for who they interact with on social media since scams are rising.
This week, a new FTC report showcases just how bad social media scams became in 2021. According to the FTC, more than one in four people who lost money to fraud in 2021 said it started on social media in the form of an ad, post, or message. Findings also show that social media was more profitable to scammers last year than any other method of reaching people.
“More than 95,000 people reported about $770 million in losses to fraud initiated on social media platforms in 2021,” the FTC said. “Those losses account for about 25% of all reported losses to fraud in 2021 and represent a stunning eighteen fold increase over 2017 reported losses. Reports are up for every age group, but people 18 to 39 were more than twice as likely as older adults to report losing money to these scams in 2021.”
Social media’s popularity with scammers is thanks to the easy ways anyone can make a fake profile or hack into an existing profile and its overall low cost. The FTC said that scammers targeting