Social networks are a paradise for fraudsters. They made them more than $ 700 million

Social networks are an integral part of the Internet. They are great for connecting with loved ones, but they also bring a lot of pitfalls. In a recent report, the Federal Trade Commission points out that more than one in four people who were robbed in 2021 encountered fraud on a social network for the first time.

In total, fraudsters made about $ 770 million from social media and robbed more than 95,000 people. This is about 25% of all reported fraud losses in 2021, which is eighteen times more than in 2017. The victims are users of all ages, but most people are between the ages of 18 and 39.

There was a lot of fraud on social networks in 2021

No wonder fraudsters like to use social networks. Through them, they can easily and without unnecessary costs to reach billions of users around the world. And all this without revealing their identity. The possibilities are endless, but the most popular were frauds related to investing in cryptocurrencies, online shopping and so-called “romance scams”.

In the case of cryptocurrencies, fraudsters have caught their growing popularity. The victims were lured through social networks for huge returns that they did not actually receive. The report points out that more than half of those who learned about the fake investment opportunity learned about it through social networks.

The second most lucrative type of fraud, romance scam, has been on the scene for a long time, but the number of its victims has increased significantly in recent years. In this case, the fraudsters on the social network, in a third of the cases on Facebook or Instagram, select the user and then try to pack him. As soon as they succeed, they start asking for money from him.

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However, most users were robbed when they tried to buy some goods through social networks. In almost 70% of cases, fraudsters said they placed the order, usually after watching the ad, but never received the goods. Facebook and Instagram platforms dominated again.

How not to fly a cheater?

First of all, always be careful if someone on your social networks asks for money, either directly, or tries to entice you into their business or a good investment opportunity. Especially if it’s someone you don’t know well. Also, beware of cases in which your loved one’s account may have been compromised by attackers. If someone sends you a request for payment via the social network, check it directly with the person, in person or via telephone.

Not getting robbed when shopping online can be more difficult, but the easiest way is not to pay for the goods in advance. If the e-shop does not offer cash on delivery, always check reviews from its customers or simply find another one.