The 2019 State of Cybercrime report found that many criminals rely on social media to commit fraudulent crimes. The rate of fraudulent attacks on social media has increased by more than 43% from 2018 to 2019, and criminals are finding new ways to exploit social media users. Javelin Strategy and Research found that accounting for the loss caused more than $ 3.5 billion in economic losses. The company also reported that those who work on Facebook, Instagram, and Snapchat are more exposed to information sharing. Hence, they are more likely to fall prey to fraudulent activity.
What are the main scams on Social Media?
According to the Federal Trade Commission (FTC) and Data Spotlight, consumers have reported an estimated $ 117 million fraud in the first six months of 2020 that began on social media. Other common social media scams include the following:
In a dating scam, a scam identifies people who want to date romance through social media or by creating a profile in a dating app. About half of the love scams in 2019 started on social media, usually on Facebook or Instagram. Additionally, people have reported a $ 201 million loss due to such love scams in 2019 alone. In this scam, the scam usually puts its time in building trust and relationships with the victim. After that, they asked for money for the following reasons:
- Medical bills
- Staying at the airport
- Going to jail
- The problem is with their child or grandchild
- Travel documents
Even if this is a fraudulent scam, scammers can still identify small business accounts and immediately try to get you your account information or take messages offline.
Service Delivery Scam
Many small businesses have suffered financially by 2020 due to the COVID-19 crisis and the economic downturn. This has increased the fraudulent activity that offers new jobs or opportunities to earn money. Such opportunities are nothing but another scam to try and obtain private information.
For many people concerned about coronavirus, promising face masks, hand sanitizer, home test kits and other related items have increased tenfold. Shopping problems may cause you to look for other vendors who will offer your business. It is therefore not surprising that about one quarter of the unsolicited goods scams reported to the FTC in the first six months of 2020 appeared on social media.
Some scams focus on legitimate forms of government outbreak and others promise untimely liberation. Victims can only transfer their money or personal information to a scam that they use for malicious purposes.