Phone calls, emails, and even in-person visits used to be the only way scammers could try to trick people out of their money. But with the rise of social media, scammers now have a whole new way to target their victims.
Social media platforms like Facebook, Twitter, and Instagram provide scammers with a gold mine of information about potential targets. They can learn your interests, your family and friends, and even your daily routines. This information can be used to create believable scams that are much harder to spot than the more traditional methods.
The Most Common Social Media Scams
The FTC reports that in 2021, more than one in four of those who reported a scam said they were contacted through social media. And the scams are only getting more sophisticated.
A few of the most common types of social media scams include:
- Crypto scams — Have you heard the buzz around investing in Bitcoin or other cryptocurrencies? Scammers are using social media to promote fake investments, often promising high returns with little or no risk. Just remember, if something sounds too good to be true, it probably is.
- Romance scams — This is one of the most common types of social media scams, and it can be devastating. Using a fake profile, scammers will start a relationship and then ask for money, often for a bogus emergency.
- Online shopping fraud — Ever ordered something online and it never arrived? Scammers are using social media to promote fake online stores and websites. You might purchase an item, but you’ll never receive it.
The best way to protect yourself from social media scams is to be aware of them. The Seniors Center Blog can help you stay up-to-date on the latest scams. If you’re contacted by someone you don’t know, be cautious about giving out any personal information. Always get a second opinion before making any financial decisions, and consider talking to a trusted friend or family member before taking any action.