"Social Dominates as Victims Take $2.7bn Fraud Hit"
"Social Dominates as Victims Take $2.7bn Fraud Hit"
According to researchers at the FTC, fraud victims lost $2.7bn to scammers operating on social media between January 2021 and June 2023. The FTC stated that the sum of money lost to fraud on sites like Instagram and Facebook dwarfed that lost via regular websites and apps ($2bn), phone calls ($1.9bn), and email ($900m). Most common on social media were reports of online shopping scams (44%), particularly clothing and electronics that were purchased but never arrived. Investment (20%) and romance fraud (6%) were also common during the period.