Victims of Social Media Scams

People becoming Victims of Social Media Scams

All across the globe, working citizens are being cheated out of their hard-earned cash. Individuals are literally getting scammed online daily. Therefore, individuals are becoming victims of Social Media Scams, lose almost everything. People are losing hope, money, even their 401k and retirement sometimes.

Social Media Scams Concept

Yearly Individuals are being Scammed

In 2018, criminals bamboozled millions by preying on victims. According to the FTC report, people lost $143 million on romance scams alone. Unfortunately, the amount of people being scammed continues to grow yearly. From 2015 to 2018, numbers of scams nearly doubled each year:

  • (2015) $38 million
  • (2016) $75 million
  • (2018) $88 million
  • (2019) $143 million

Scams primarily take place on these platforms because there are millions of people to target on social media sites. Almost 40% of the world's population have social media accounts. These individuals that have accounts are actively using their accounts, which opens an opportunity for scammers to infiltrate.

Criminals mainly scam people on social media platforms

Many criminals are luring victims in with fake pictures, phony profiles and bogus testimonials. These fraudsters are becoming more sophisticated by the day. Using different methods to gain access to their victims' funds. Most times, law enforcement cannot do much for victims online. Unfortunately, neither can owners of these social media platforms.

Some of these swindlers have gone as far as creating fake pages on dating sites to target women for money. A majority of these fraudsters are doing this from third world countries. As long as people can hide behind computers, nobody is safe. Therefore, it is vital to never give your banking information to anyone through emails, social networks, or unsafe websites.

When you first sign up for a social media account. The website will tell you to read all policies and disclaimers. In addition, a majority of these policies warn you about sharing any personal information. Sadly, most users continue to create social accounts reading none of the material provided.

On Instagram, typically Victims of Social Media Scams are between the ages of 20 - 30. Whereas the targets on dating sites have been ordinarily elderly, people and women. You're still at risk even if you don't fit into these categories.

In a similar manner, people trying to make money online are being targeted by scammers because of their desire to gain extra money. Making money has also opened a window of opportunity for con artists to scam these individuals. Therefore, it's important to look for red flags to avoid being cheated out of your money.