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Damage triples: Social media fraud is on the rise in the United States

In 2021, according to the Federal Trade Commission (FTC), more than 95,000 victims lost about $ 770 million in social media scams launched in the United States alone. The incidence of such scams has tripled over the past year.

So this is very common Online shopping fraud, Users lose more money through supposed investments, romantic promises are more effective. The FTC has dubbed social media fraudsters a “gold mine” and they are now more likely to find victims than others.

Frauds are on the rise

According to the FTC, social media fraud has actually started in five years. Because the damage recorded in 2017 was only $ 42 million, and by 2020 it was $ 258 million, only a third of the amount recorded in the previous year. According to the FTC, this may be due to the fact that social media provides the right conditions for fraudsters: with little effort, they can reach billions of users around the world, access their “friends” through fake or hacked profiles, and use their personalities. Details, revealing the user, adapting to the victim.

The most common way fraudsters lure victims into their web is so-called shopping offers, accounting for almost half of all reported cases. But other tricks will bring more profit to the criminals. At 37 percent, the bulk of the damage is said to be investments. According to the FTC, the upcoming and most lucrative are love scams in which the perpetrators deceive their victims with promises of love and then they need more money. Although these make up only nine percent of the cases reported in 2021, they are responsible for 24 percent of the damages.

A billion dollar scam

Overall, social media fraud is a billion dollar business. This is because the $ 770 million damage recorded by the FTC in 2021 is only related to lawsuits reported in the United States. Since most fraud cases are not reported to the authorities there, the real damage in the United States alone by 2021 should have surpassed billions. From a global perspective, this is at least as expected.

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