Social media a gold mine for scammers in 2021
Scammers use social media ads, fake friend requests, and direct messages to trick people into sending money for fake investments, romance schemes, and products that never arrive. Social media generated $770 million in reported fraud losses in 2021, more than any other contact method.
How it works
Scammers contact you through social media with an ad, friend request, or direct message. They may pose as romantic interests, investment advisors, or legitimate retailers selling products at a discount. They build trust over time, then ask you to send money via cryptocurrency, gift card, wire transfer, or payment app. You send the money but never receive goods or promised returns, or the person disappears.
Red flags to watch for
- A stranger sends a friend request, then quickly asks for money
- An ad promises unusually high investment returns or very cheap products
- They ask you to pay by cryptocurrency, gift card, or wire transfer
- A supposed friend messages asking for urgent money but uses unusual payment methods
- You order something from a social media ad but never receive it
- The retailer's website looks almost identical to a real store but the URL is slightly different
What to do
Do not click links in social media ads or messages from strangers. If a friend suddenly asks for money via cryptocurrency or gift card, call them directly using a number you know is theirs; their account may be hacked. Before buying from a social media ad, search the company name plus the word scam to check for complaints. If you think you have been scammed, report it to the FTC at ReportFraud.ftc.gov.
If this reached you
Source: FTC . Scam Sentinel summarizes official guidance in plain language; it is a decision aid, not a guarantee.