FTC: Please stop falling for social media scams, you've given crooks at least $650M so far this year
The most frequently reported rackets on social media during the first half of 2023 related to online shopping swindles, specifically clothing and electronics, which accounted for 44 percent, or 24,640, of reported incidents. These usually involve someone buying something advertised on Facebook, Instagram or Snapchat, and then never receiving the product.
While online shopping fraud is the most common issue, people are losing more money from social-media schemes promoting phony investment opportunities and romance cons, according to the FTC's totals from January to June.
"A typical modus operandi may involve money-making promotions for purported investment opportunities, often using cryptocurrency as the hook," the FTC's Data Spotlight indicated. "Scammers lure people to websites or apps with their own supposed 'success stories,' but consumers ultimately end up empty-handed and with empty wallets."
Total losses reported during this six-month period totaled $658 million, of which 8 percent were due to online shopping trickery, 53 percent were related to investment scams, 14 percent romance bait, and 27 percent classified as "other."
It's worth noting that most online fraud is never reported, so in reality all of these numbers are much higher. As the FTC says, these figures "reflect just a small fraction of the public harm." In more than half the investment-scam reports, netizens paid criminals using cryptocurrency.
[link:https://www.theregister.com/2023/10/07/ftc_social_media_scams/?td=rt-3a|
OldBaldy1701E
(5,157 posts)SCantiGOP
(13,873 posts)Greed, envy and lust probably lead the list.
SWBTATTReg
(22,166 posts)He says the money is for his campaign expenses...if so, he's not really spending near the amounts he's raising but IMHO, he pocketing most of it, which I think Jack Smith is looking into as we speak.
FakeNoose
(32,767 posts)It's been over 10 years since I made any purchases on Ebay, however I felt most of those sellers were honest. A few were skeevy - but I don't know what's happening there nowadays.
If the retailer/selling company has its own website with a brick-and-mortar address and phone number, and if they receive payments via the Visa/Mastercard system, then I feel confident that I won't be ripped off. Not all sellers accept returns and guarantee money-back returns, so I make sure I see it on their website before I make a purchase.
I would never purchase anything through a Facebook posting or any other social media posting. Way too skeevy.