Social Media: A No-Limits Zone Scammers
November 6, 2023
This essay is the work of a dumb humanoid. No smart software required.
Scams have plagued social media since its inception and it’s only getting worse. The FTC described the current state of social media scams in, “Social Media: A Golden Goose For Scammers.” Scammers and other bad actors are hiding in plain sight on popular social media platforms. The FTC’s Consumer Sentinel Network reported that one in four people lost money to scams that began on social media. In total people reported losing $2.7 billion to social media scams but the number could be greater because most cases aren’t reported.
It’s sobering the way bad actors target victims:
“Social media gives scammers an edge in several ways. They can easily manufacture a fake persona, or hack into your profile, pretend to be you, and con your friends. They can learn to tailor their approach from what you share on social media. And scammers who place ads can even use tools available to advertisers to methodically target you based on personal details, such as your age, interests, or past purchases. All of this costs them next to nothing to reach billions of people from anywhere in the world.”
Scammers don’t discriminate against age. Surprisingly, younger groups lost the most to bad actors. Forty-seven percent of people 18-19 were defrauded in the first six months of 2023, while only 38% of people 20-29 were hit. The numbers decrease with age and the decline of older generations not using social media.
The biggest reported scams were related to online shopping, usually people who tried to buy something off social media. The total loss was 44% from January-June 2023. Fake investment opportunities grossed the largest amount of profit for scammers at 53%. Most of the “opportunities” were cryptocurrency operations. Romance scams had the second highest losses for victims. These encounters start innocuous enough but always end with love bombing and money requests.
Take precautions such as making your social media profiles private, investigate if your friends suddenly ask you for money, don’t instantly fall in love with random strangers, and research companies before you make investments. It’s all old, yet sagacious advice for the digital age.
Whitney Grace, November 6, 2023
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