Description

Social media is a platform that has become increasingly popular for scammers to con people. According to the Federal Trade Commission, more than one in four people who reported losing money to fraud in 2021 said it started on social media with an ad, a post, or a message. In fact, the data suggest that social media was far more profitable to scammers in 2021 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. Those losses account for about 25% of all reported losses to fraud in 2021 and represent a stunning eighteenfold increase over 2017 reported losses 1.