Scams targeting people on social media are on the rise and it’s costing Americans big bucks.
More than 95,000 people reported that they had fallen for a scam on social media in 2021, according to the Federal Trade Commission.
The agency said more than one in four people said they lost money in a scam that started with a post, ad, or a direct message on social media.
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The 2021 reported losses to social media scams totaled around $770 million.
“Our data points to social media being the most profitable method scammers are using to reach people as of 2021,” said Emma Fletcher, a researcher for FTC.
The FTC said most of the reports of people being conned on social media last year involved people trying to buy something they saw advertised on a social media site, with most people saying they never got what they paid for in the end.
“We would encourage people to check their privacy settings,” said Fletcher. “Limit who can see your posts and your information because scammers can use that information to finetune their approach.”
The FTC also advises people to opt-out of targeted ads when possible.
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