Scammers targeting social media apps such as Instagram, Facebook, TikTok, and Twitter stole at least $770 million from victims in 2021.
Scammers are increasingly turning to social media platforms, with fraud via popular services such as Instagram, Facebook, TikTok, and Twitter netting criminals at least $770 million in 2021, according to data from the Federal Trade Commission .
Every age group was affected, but those between 18 and 39 were more than twice as likely as older adults to fall victim to a social media scam over the last 12 months, the data showed. It added that scammers can “easily use the tools available to advertisers on social media platforms to systematically target people with bogus ads based on personal details such as their age, interests, or past purchases.”
Romance scams were the second-most profitable fraud on social media last year, according to the data, with more than a third of those targeted saying the deceit began on Facebook or Instagram. The FTC’s findings are a reminder of the pitfalls of social media and the need for users to stay alert when engaging with content posted by others, especially if any kind of financial transaction is involved.
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