Wednesday, November 06, 2019

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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 every day. As a result, individuals are becoming Victims of Social Media Scams lose almost everything. People are losing hope, money, even their 401k and retirements in some cases.

Yearly Individuals are being Scammed

Road signs with several yield scams.

In 2018 criminals bamboozled millions preying on victims. According to the FTC report, people lost $143 million on romance scams alone. Unfortunately, the number of people being scammed continues to grow every year. In fact, from 2015 -2018 the number 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

A number of 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. In many cases, law enforcement cannot do much for those who are victimized. 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 3rd 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 without reading any of the material provided.

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

In like manner, people trying to make money online have been targeted due to their desire to make extra money. Making money has also opened a window of opportunity for con artists to run scams on these individuals. Therefore, it's important to look for red flags to avoid being cheated out of your money.

Red Flags and Signs to Look For

The first keyword to look for is a ‘get-rich-quick’. Another term you may see is ‘money flipping’. These schemes will tell you to invest $200 and earn $2000. First, you must send the money through western union. Then they will return your investment within 35 minutes. Quite frankly there is no place in the world where this is possible.

File a FTC complaint if you have been scammed on the internet.

When you hear the scheme get-rich-quick, it should be an immediate red flag. If there were ways to get-rich-quick everyone would be rich. In conclusion, keep in mind, it's up to you to protect your money and your information. As a result, you have a better chance to not become a victim of social media scams.
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