FTC Says Social Media Is A ‘Gold Mine’ For Crypto Scammers

By Lauren Berg (January 27, 2022, 9:37 PM EST) — Facebook, Instagram and other social media platforms are a “gold mine” for scammers, according to a new consumer protection data report from the U.S. Federal Trade Commission, which said last year saw a sharp spike in online fraud schemes, particularly bogus cryptocurrency ventures.

Last year, consumers reported losing about $770 million to fraud that started with an ad or message on social media, up from $258 million from the year before, and accounting for about a quarter of all reported fraud losses for the year, the FTC said in its report dated Tuesday.

“For scammers, there’s a lot to like about…