Indeed, nowadays, social networking sites have become such a huge part of most people's lives. It has all the good facets, from keeping in touch with old friends to checking out new trends. However, it is open to so many risks. The FTC reports that scams on social media sites alone resulted in losses of over $1.2 billion last year. So what's a user to do? Here are some top scams circulating on social media and how to stay safe from them.
This phishing scam on social media is defined by a fake profile or page where a person pretends to be an authentic organization and tricks users into sharing personal information. The same source revealed that by 2025, phishing will have cost businesses over $10.5 trillion a year.
A romance scam is where the scammer sets up a false profile to gain the trust of the victim before asking for money. Nearly $1 billion was lost through this type of scam, according to the FTC in 2021, which shows how cautious online acquaintances need to be in cases where they are asked to be financially helpful.
Scammers capitalize on cryptocurrency and investment avenues to invest through social media in a bid to garner substantial returns with minimal exposure to risks. The SEC is warning investors to exercise caution, while the FTC observed in 2022 that it had lost more than $330 million to these investment scams.
Everyone enjoys a good giveaway, but social media is full of fake contests devised to collect personal information. The users must share, like, or even tag friends by entering the post, and most of these posts are phishing campaigns. According to the Better Business Bureau, nearly 40% of respondents said they had experienced some form of giveaway scam in 2021, the BBB said. "The way to avoid that trap would be to check the authenticity of the brand running the contest and ensure it's a verified account."
Impersonation scams involve swindling others under the disguise of a friend or family member. The perpetrators normally upload profiles that resemble real accounts, making it difficult for the victims to differentiate the fake from the real. The FTC emphasizes that people must always verify any unsolicited requests for money or private information through other forms of communication.
To be safe on social media, take the following proactive steps:
Verify Sources: Always verify the authenticity of accounts requesting personal information or money.
Do not open any link, whether it is obtained from friends: If the scenario looks suspicious.
Self-Education: Keep up with the latest scams and quickly identify them.
Repeducationous Activity: Calls to report fraudsters so no one else becomes a victim of the fraudster. Platforms consider reports.
Social media is quite a great channel to connect, but it is indeed worthwhile paying attention to. With awareness and a few precautionary steps, people will be able to enjoy online experiences without falling into scams.