Home Scam/Fraud FTC Estimates People Lost $770 Million to Social Media Scams in 2021

FTC Estimates People Lost $770 Million to Social Media Scams in 2021

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Social media scammers made off with a crazy amount of cash in 2021.

According to a Jan. 25 report put out by the Federal Trade Commission (FTC), over 95,000 people reported $770 million had been lost to social media fraud in 2021. What’s more shocking is the losses only accounted for 25% of all reported  fraud in 2021, showcasing “a stunning eighteenfold increase” in fraud compared to 2017, the report read.

While fraud claims were up for every age range in 2021, people aged 18 to 39 were more than twice as likely to lose money to scams compared to older adults in 2021.

One of the more successful kinds of scams was shopping scams involving items that never arrived. 9 out of 10 victims said they had been targeted for these scams on either Facebook or Instagram, which the FTC report said accounted for almost half of the losses reported.

However, the report noted that online investment scams were the biggest culprit in…

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