Social media scams are costing people billions of dollars, with younger people hit hardest, according to the U.S. Federal Trade Commission (FTC).
In the first six months of 2023, people lost more than $658 million to social media fraud, with investment scams accounting for the largest share (53%), followed by romance scams (14%).
Younger people are more likely to fall victim to social media scams than older people, with the FTC reporting that social media was the contact method in more than 38% of fraud reports from people aged 20-29.
The FTC warns people to be wary of social media posts hyping products and investment opportunities that sound too good to be true, and to avoid sending money to people they don’t know personally.
The sources for this piece include an article in TheRegister.