Social Media Scams are on the Rise

Social media scams are fraudulent schemes or deceptive activities that take place on various social media platforms. Users of Facebook, X (formerly Twitter), LinkedIn, and dozens of others have been victims of these attacks. These scams can target users of all ages and backgrounds, and they aim to exploit people's trust, curiosity, or lack of awareness. Social media scams come in various forms, and here are some common ones.

Phishing Scams

Phishing scams involve tricking users into revealing sensitive information, such as login credentials, payment card numbers, or personal details that can lead to access to secured accounts. There are over 3.4 billion phishing emails sent daily, and as a result, nearly everyone has come into contact with a phishing attack at some point in their computing life. Some phishing scams are more sophisticated than others; and the ones you see on social media often come in the form of fake messages from hacked accounts.

Fake Profiles and Catfishing

Speaking of fake profiles, scammers create fake profiles to impersonate someone else, often with attractive photos and an enticing persona. Sometimes they are able to hack people you interact with frequently. Obviously, this can be problematic. These scammers aim to build trust with unsuspecting individuals, often for financial gain or emotional manipulation.

Investment Scams

Scammers promote fake investment opportunities on social media, promising high returns or other benefits. Unsuspecting victims may invest money into these schemes, only to lose their funds with no recourse for remediation available. These can include seemingly benign activities that promise ease to profits.

Fake Giveaways or Discounts

Scammers impersonate celebrities, brands, or influencers and announce fake giveaways, asking users to provide personal information or pay a fee to enter. The promised prizes are never delivered and you are out your money.

Survey and Quiz Scams

These scams involve enticing users to complete surveys or quizzes that request personal information. People can glean quite a lot from a person’s social media account, so filling in the gaps can result in scammers gaining access to personal information that users don’t volunteer. Scammers can use this data for identity theft or sell it to third parties.

Impersonation Scams

Scammers impersonate friends, family members, or trusted individuals to request money or sensitive information. They may use compromised accounts or personal details to make their impersonation more convincing.

What You Can Do to Protect Yourself

There are plenty of other types of scams going around on social media. Here are some tips on how to circumvent these scams.

• Be cautious about sharing personal information.
• Verify the authenticity of profiles or accounts before engaging with them.
• Avoid clicking on suspicious links or downloading files from unknown sources.
• Use strong, unique passwords and enable two-factor authentication.
• Be skeptical of unsolicited messages or requests for money.
• Report suspicious activity to the social media platform and local authorities.
• Stay informed about common social media scams to recognize them.

Remember that social media platforms have their own policies and reporting mechanisms to deal with scams and fraudulent activities. Staying vigilant and educating yourself about online safety is crucial to protect yourself from social media scams.

At Preferred, we are all about utilizing technology to help you improve your business, whether it be on social media or anyplace else. Being aware of who you are dealing with and how it may affect you is the best way to avoid being scammed.