FTC Urges Vigilance Against Social Media Scams Costing Americans Billions

The Federal Trade Commission (FTC) has warned the public about the prevalence of social media scams, which have resulted in losses of over $2.7 billion since 2021. The most common scams involve online shopping fraud, followed by phony investment opportunities and romance cons. The FTC advises individuals to be cautious when encountering suspicious posts and offers tips to prevent falling victim to these scams, such as setting social media accounts to private and being skeptical of requests for money via cryptocurrency or gift cards. Businesses are also urged to be vigilant as scammers may exploit social media advertising.