FTC slams social media sites as ‘goldmine for scammers’

Investing and cryptocurrency scams

Fake cryptocurrencies and investment opportunities are among the biggest scams on social media right now.

It is estimated that 37 percent of all social media scam losses in 2022 were due to investment scams, with the majority being cryptocurrency scams.

The scam begins when a scammer contacts you, usually via a direct message on social media.

They start out by trying to form a relationship, but then quickly share information about a “great investment opportunity” that has helped them “make so much money so quickly.”

Romance Scam

Romance scams are common on dating sites, but many scammers also turn to social media to find victims.

In these scams, scammers use stolen photos of attractive people to create fake profiles to lure unsuspecting social media users.

Once they start a relationship, they are very open and “fall in love” with their victims, quickly telling them that they are in love and want to meet.

The catfish fisherman will mention financial problems and eventually ask for help.

Romance scams account for up to 24 percent of all social media scams.

Social media account takeover scam

Account takeover fraud occurs when hackers gain access to someone’s social media profile.

They can trick you into giving up access, use a phishing attack to steal your password, or simply buy your credentials from the dark web.

Authentication Code Scam

Two-factor and multi-factor authentication (2FA and MFA) provide additional security for your online accounts by requiring a special code to be verified along with your password.

Codes are usually sent via SMS or email, making it difficult for hackers to steal them.

Scammers on social media will pretend to be friends or contacts who need “help” to recover their account and will ask you to send a code to your phone or email address.

Social media ads promoting fake online stores

Scammers often use social media ads to promote fake products or business on social media.

The Better Business Bureau (BBB) ​​received thousands of complaints about misleading Facebook and Instagram ads.

These online shopping ads try to grab your attention by saying the proceeds go to charity or listing items at outrageously low prices.

impersonator accounts

Scammers create deceptive social media accounts using someone else’s name, photos, and other identifying information.

Impersonator accounts can request money, send links for phishing scams, or post fake giveaways and prizes.

Scammers have also started impersonating celebrities.

“Is that you in this photo/video?” Other link scams

This scam is another version of a hacked account scam.

You might receive a message from a friend or stranger that says something like, “Is that you in this photo?!” next to a link.

The advice is don’t click the link.

Social Media Quiz

Scammers use social media quizzes to steal your personal information and hijack your accounts.

These quizzes begin with harmless-sounding questions like “What car did you use to pass your driver’s test?”. or ‘What is your mother’s maiden name?’ or ‘What street did you grow up on?’

However, these are common security questions for accessing your bank account and other financial institutions.

Lottery, sweepstakes and giveaway scams

In this type of scam, scammers will DM you that you have won a prize. But to get it, you must first pay or provide financial information.

Job scam on social media

The number of job scams has skyrocketed in recent years as more Americans work from home or exclusively online.

Scammers create fake social media accounts to promote amazing remote job opportunities and promise you can make big money.

Scammers have two goals when running a job scam:

1. Get money from you. A scammer will give you the job, but only if you “buy the gear” first.

2. Obtain information from you. Scammers will send you a job application hoping that you will fill it out and reveal private information like your social security number and home address.

Source: aura.com