The digital transformation is increasing the surge in social media scams. Consumers are getting scammed. According to the updated report of the Federal Trade Commission (FTC), “consumers lost $770 million to the social media scammers in 2021”. The surge in online scams is alarming for social media users and digital businesses.
According to the FTC, there is an increase of 18 points in social media frauds from 42 million dollars in 2017. The boost in online consumerism, digital shopping, and cryptocurrency is giving rise to online fraud. The blind trust has cost over 95,000 people to lose at least $770 million through social media outlets. Whereas in 2020, the scammers could make off with $258 million only.
The enormity of scams is dangerous for businesses and consumers. In this article, we will discuss social media scams and how you can protect yourself from being caught up in such frauds. So, let’s know the crucial details of the social media scams in 2021.
Different categories of social media scams
Social media scams can come in many ways. Collectively, these scams have looted at least $770 million money from 95,000 online consumers. The 1800% surge in online looting is stunning as compared to 2017. Consumes of 18 to 39 years old were 2.4 times more likely to get scammed as compared to other age groups.
Investment scams, online shopping scams, and romance scams are three categories of social media scams. Let’s know the discrete details of each type of online…
