Scroll at Your Own Risk: The Social Media Scam Scene

Social media platforms have become an integral part of our daily lives. However, these same platforms have also become fertile hunting grounds for a new breed of fraudsters. As we curate our online personas and expand our digital networks, scammers are adapting their tactics, using the very features designed to bring us together as tools for deception. Fake profiles, fake ads, and fake investments all add up to very real money lost. This article aims to shed light on the techniques employed by online scammers on social media, helping you navigate the fine line between staying connected and falling prey to the next “Nigerian prince” sliding into your DMs.

A Look at the Numbers

As of 2021, a quarter of all people who have lost money to fraud claimed it started on social media. But this isn’t the worst statistic. Social media scammers have managed to con $2.7 billion out of their victims, and given that not all fraud cases are reported, this is on the low end of estimates. This is higher than any other scam contact method out there.

The people most likely to fall victim are younger demographics with 47% of young adults (18 and 19) who were scammed citing social media as the contact method. So what scams are people falling victim to exactly?

Fake Products

Coming in at 44% of social media scams, fake products are the most common. However, they only make up 8% of the total loss—clothing, and electronics which are never delivered. The best way to combat hitting buy on a scam product is by researching the company on Google beforehand. Check reviews and even try searching their name plus “scam” to see if any complaints have been filed against them in the past.

Fake Investments

That investment opportunity that is promising you 6 figures in 6 weeks is most likely a scam, sorry. While these only make up 20% of reported social media scams, the losses make up over half of the total loss. People report losing an average of $3,000 to these “opportunities,” usually involving cryptocurrency. These investment scams are no joke, some can even make it look like your money is growing, but in the end all you end up with is an empty pocketbook. Much like the scam above, a simple Google search can save you.

Fake Love

Romance scams make up the second-highest losses. Most of these are fake profiles pretending to seek friendship. Next comes being head over heels in love and then hand-in-pocket requests for money. While we can’t tell you to stop seeking love in the digital world, we can tell you to take it slow, and maybe try to video chat before sending any kind of money.

Fake Friends

No, your buddy since college isn’t playing the long con. However, the new profile using your buddy’s picture and name and claiming to urgently need help is definitely trying to swindle you. While these aren’t as high up there as the other scams listed, they are still important to look out for. If your friend or family member reaches out on social media claiming to need some money (and especially if they ask for obscure payment methods like gift cards or wire transfers) give them a call to double-check.

How Social Media Connects Scammers to You

Social media offers scammers multiple tools to manipulate and deceive their victims. They can create fake profiles, hack existing ones, and even run fake ads. They can also use the information you share to better understand how to con you. Even if you don’t share certain details, scam ads can be set to target specific demographics of people based on their age, interests, or past purchases.

The best way to combat this is to keep your profile under lock and key. Check out the settings of your social media platform and make sure not just anyone can see your page. You can also change what kind of information and how much social media platforms collect on you. This makes it harder to be hit with any targeted scam ads. As social media scams evolve, it might not be enough to just not send money to a fishy profile or double-check a company though.

Worst Things To Lose

Money is the main worry when looking out for scammers, but it isn’t the only thing these people are after. Your identity may be on the menu as well. Those fake products require your name, address, and card info. Fake friends and lovers might ask personal questions attempting to get passwords or security question answers out of you.

Having your identity stolen can cost you a lot of money and impact many other areas of your life.

iLOCK360: Like a Security Service For Your Identity

Between work and your personal life, it is nearly impossible to stay off of the internet and not share anything that may put you at risk of identity theft. iLOCK360 keeps a close eye on your personal information and credit profile from day one. If something does pop up? You get alerts instantly and our team on your side is ready to minimize damage. This can include:

● Full identity restoration by our specialists
● Help to replace missing cards and IDs
● $1 million insurance to cover expenses related to your identity restoration

If there is one friend request you do accept, it’s iLOCK360. Click here to learn more.