Scammers Make Off with $2.7 Billion Through Social Media Dupes Since 2021
Scams on social media sites like Facebook and Instagram have caused more financial harm to Americans than any other kind of interaction. A recent study by the Federal Trade Commission (FTC) details the staggering breadth of deceit. According to FTC data analysis, between January 2021 and June 2022, social media fraud cost Americans almost $2.7 billion. This exceeded all other formats, including phone, text, email, and mail. “Social media gives scammers an edge in several ways,” wrote FTC data researcher Emma Fletcher. Impersonation and hacking combined with targeted advertising tools allow fraudsters to manipulate users methodically. The most frequent social