How to spot social media scams?

We spend many hours every day on platforms like Facebook, Instagram, LinkedIn, Twitter or other social media sites.

It is no longer just a tool for entertainment, but also for earning. Companies are increasingly seeing the potential of these platforms and using them to promote their businesses. There is nothing wrong with that. However, this situation is being exploited by scammers, spoiling the reputation of those who honestly want to operate online.

Find out what the most common scams are, how you can protect yourself against them and what techniques thieves use.

Social media scams in numbers

According to figures published by Federal Trade Commission from US in 2021:

- 25% people who reported losing money to fraud said it started with an ad, post, or message on social media. In fact, data suggests that social media was more profitable to scammers than any other method of reaching people;

- 95,000 people reported about $770 million in losses to fraudulent activities started on social media;

- the total number of people who reported losing money to scammers was 19 times higher than in 2017!

The most common social media scams

According to FTC the most common social media scams in 2021 were:

1.Investment scams - 37%

2.Romance scams - 24%

3.Online shopping scams - 14%

4.Other scams - 27%

It is worth mentioning that investment and romance scams represent over 70% social media frauds!

How do scammers operate on social media?

There are different scams that can happen on social media. Here are the most common ones:

1. Pretending to be someone they're not. This is when someone creates a fake account pretending to be someone else, often in order to try and get personal information from the person they're pretending to be.

Increasingly, fraudsters are claiming to be employees of platforms such as Meta.

Their official company email addresses end with @fb.com or @instagram.com. Facebook and Instagram never ask users for their password in an email or instant message.

2. Phishing scams - this is when someone sends you a message or email asking for personal information like your password or bank account details, but it's not from a legitimate source. Be very careful about any messages or emails that ask for this kind of information, and if in doubt, contact the company directly to check.

3. Scam ads - sometimes people will post fake ads on social media, either trying to sell something that doesn't exist or asking for money without providing anything in return. Be very careful about any ads you see online, and if something seems too good to be true, it probably is!

4. Malware - this is software that's designed to harm your computer or steal your personal information. Often it's hidden in links or attachments that seem harmless at first glance, so make sure you're very careful before clicking on anything online that you don't know and trust already.

5. Data breach - When sharing any information online, you must be aware that you are not entirely in full control of it. Most platforms have a history of data leakage.

6. Scammers follow your feeds and draw conclusions about your financial situation, your personal situation, when you leave, whether your house is standing empty, etc.

7. Scammers often place adverts or banners claiming a free product or a lottery win. The aim of this is to click on a link that redirects you to a fake page where you fill in a form with your personal details or bank account information.

8. Beware of financial scams, one of the more popular of which is the crypto scam. Scammers who write to you and offer you money opportunities have very real profiles, where they share their private lives, show their families, all in an attempt to gain your trust. After recruiting a few people and getting information from them, they delete the account and create another one.

What you can do to protect yourself from social media fraud?

1. Start by checking all your social media accounts. Consider what information is visible to people who don't know you.

2. If your account is public and you share very private things and photos on it, limit its visibility to your friends or followers only.

3. Set up two-factor authentication on each account, this will reduce the possibility of your account being hacked.

4. Immediately block people who spam you or offer to get money fast.

5. If your friend sends you a message with a link to click or a request for money - never do it! Always contact the person in another way and confirm this information. Very often accounts are hacked and scammers impersonate people you know.

6. Check if your social media platforms give you the option to choose the subject of the ads that appear to you. If there is such an opportunity, use it.

If you are shown ads that are not tailored to your interests, you can also hide them. Such actions give the algorithm of these platforms an indication of what content you want to be displayed to you.

7. Don't accept friend invitations from random people you don't know.

8. Don't buy online from companies you don't know and whose adverts you've seen on social media. They are not necessarily scammers, but as there are a lot of such companies, always check them out before you buy.

9. Never share any sensitive information like personal or financial information. You don't want to become a victim of identity theft.

10. Use strong, unique password, which you will change from time to time

11. Delete any social media platforms you don't use.

Check if you have a social media account on some profile you have forgotten about and have not used for a long time.

12. Check your profile for the information you have published on your profiles so far and if there is anything that could harm you remove it as soon as possible.

13. Check your login history for suspicious activity. Activate login alerts and login validation to receive notifications when someone logs into your account from another device.

What to do if I have been a victim of fraud?

If you think you could have been scammed speak to your bank immediately. You need to also report it to Action Fraud on 0300 123 2040.

Summary

Social media scams are a common occurrence on social media platforms. Scammers will often create fake accounts or websites in order to try and steal people's personal information or money. They may also attempt to spread malware or viruses through these platforms.

It is important to be aware of these scams and to take precautions when using social media. Be suspicious of any unsolicited messages or links, and do not provide any personal information unless you are sure that the source is legitimate. Always make sure your antivirus software is up to date, and be careful about clicking on any suspicious links or downloading files from unknown sources.

Be aware of the dangers that lurk online. Remain vigilant in every possible situation, even if everything looks good. This is the aim of scammers - to lull your vigilance. Be smarter than them!