How To Protect Yourself From Social Media Scams
Recent statistics highlight just how rampant social media scams have been in 2021 alone. However, users don't have to add up to the already staggering losses by following simple yet effective steps that help ensure they don't become another victim this year. Particularly crafty scams can amount to losses reaching eight-figures.
One of the most significant places for such occurrences has moved from the real world to the digital, particularly via social media. This is due to the amount of information being shared, which provides scammers with intel and opportunities, giving them a myriad of ways to reach out and lure in victims conveniently through these platforms. These types of scams not only target altruists with money to spare but also people desperate to earn more, but they all prey on one thing in common, unsuspecting social media users who are always looking for something online.
Related: People Are Falling For Crypto Scams, Here's What Government Plans To Do
According to the Federal Trade Commission, statistics show a staggering spike in social media scams in 2021. Losses through scams have amounted to a whopping $770 million, that's a shocking $512 million increase from 2020. Social media users between 18 to 39 are the most likely to report losses to such scams, primarily attributed to three major fraudulent activities. This includes investment scams, which accumulated the most losses at 37 percent, followed by romance and online shopping scams at 24 percent and 14 percent of reported losses, respectively.
Investment scams are responsible for squeezing the most revenue from their victims, involving anything from fake businesses to nefarious cryptocurrency schemes. Before even considering investing in anything
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