Doug Bedell — January 31, 2022, 5:00 pm

Fraud Alert: Social Media A Scammers’ Hangout

Watch out for fraudsters lurking on social media websites. Today in Security advises that fraud is “going viral on social media”.

“According to the U.S. Federal Trade Commission (FTC), social media was more profitable for scammers in 2021 compared to any other method of reaching victims. Of all people in the United States who reported losing money to fraud last year,” Claire Meyer writes, “one in four said it started with an ad, post, or message on social media.

“Reported losses from social media-based scams in 2021 were about 18 times higher than in 2017—more than 95,000 people reported a total of about $770 million in losses from these frauds. Every age group experienced more fraud on social media last year, but people between 18 and 39 years of age were more than twice as likely as older adults to report losing money to social media frauds.”

The internet appears to be becoming an increasingly risky place.

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