Social media has become an easy and convenient way to stay connected with family, friends and even businesses. However, with social media you can run the risk of being a victim to common online scams, because you never really know who is on the other side of the screen. Follow us as we dive into common social scams and give practical tips to protect your personal information.
Understanding Social Media Scams
Impersonation can be really easy when you can easily take real pictures and use them deceptively. Scammers will often duplicate a real profile on Facebook, Instagram and other popular social platforms to carry out their scams. They will often use phishing techniques, post fake giveaways, create bogus investment opportunities or prey on individuals who seek companionship. Thus, creating a scheme that will have many handing out their personal or sensitive information, leading to compromised identities or money loss.
The number of scams on social media is shocking. Studies have shown that around 70% of adults have encountered some form of social media scam, with financial impacts running into billions of dollars lost. Being able to spot these scams is the best defense against losing your personal and financial information.
Types of Social Scams
Social media is a hotspot for scammers. Knowing the different types of common social scams can help you avoid becoming a victim.
Impersonation scams are highly common when dealing with individuals online. It’s easy for scammers to replicate profiles or use a picture they find on the internet. Always be vigilant for unusual money requests, poor spelling or grammatical issues and profiles with few connections and pictures; even if it’s a name of a friend or family member.
Investment scams are another big concern, often involving cryptocurrency and Ponzi schemes. Scammers will lure victims in with promises of high returns on investments that sound too good to be true. Be wary of unsolicited opportunities, especially those urging you to act quickly.
Romance scams can be one of the most heartbreaking types. Scammers often befriend an individual and start bonding with them before they start creating elaborate stories that often require financial assistance. Common red flags seen with this are: a request for money due to an emergency, reluctance to meet in person and inconsistent life details. Always avoid sharing personal details about yourself online.
These are only a few of the top scams being reported. As social media starts to grow, so does the risk of encountering new and evolving scams. Unsolicited messages, especially those promising significant rewards or asking for personal information, are major red flags and should be avoided. Most social media platforms have tools for reporting suspicious activity or phishing scams. If you ever have doubts, it’s always best to report the incident online. If you are very active on social media ensure you create strong passwords, enable multi-factor authentication and limit any personal information shared about yourself or your business.
By following these tips, you can enjoy social media without worrying about being a victim to an online scam. If you feel your account has been compromised or suspect you gave an imposter too much information, please reach out to us at 1-833-372-4968.
