Investment scams took more money from Americans than any other scam that started on social media in 2021. They can start with someone pretending to be a friend.
More than $770 million in losses to fraud in the U.S. last year started with posts on social media, the Federal Trade Commission reported Tuesday. And investment scams appear to be the most popular.
The amount of money lost in 2021 was an 18-fold increase from 2017, the FTC said in its Consumer Protection Data Spotlight. That year, social media-initiated scams took $42 million from Americans.
More than 95,000 people were victims last year from scams launched from a social media platform, the agency said.
Scams can start from someone pretending to be your friend
In terms of dollars lost, the No. 1 type of scam was investment scams. The FTC said more than half of people who reported losses to investment scams in 2021 say it started on social media. And the scammers often posing as someone the victim knows.
“Reports to the FTC show scammers use social media platforms to promote bogus investment opportunities, and even to connect with people directly as supposed friends to encourage them to invest,” the FTC said. “People send money, often cryptocurrency, on promises of…
