Scammers use authentic brand logos, made-up terms and conditions, and a link to enter your information to make social media frauds appear genuine. Clicking on these links, unbeknownst to the victim, transfers personal information to third parties while also triggering the share feature to your contacts, sometimes with a status statement.
Friends and family are more likely to fall for the con since they perceive the message and link as a reliable endorsement.
There has been an 18-fold surge in social media fraud losses during the last four years. When you throw in some of the other statistics from the FTC study, it’s clear that this problem requires far more attention than it now receives.
95,000 people reported losing money to social media fraud in 2021, more than double the number reported in 2020. In addition, social media fraud losses were $770 million in 2021, accounting for 26% of all fraud losses reported the previous year.
Report Most Common Scams
Scam reports are primarily collected by the Federal Trade Commission (FTC). Report the scam to the Federal Trade Commission (FTC) online or by phone at 1-877-382-4357. (9:00 AM – 8:00 PM, ET). The Federal Trade Commission (FTC) accepts complaints regarding most scams, including the following:
- Phone calls
- Emails
- Computer support scams
- Social Media scams
- Imposter scams
- Fake checks
- Demands for you to send money (check, wire transfers, gift cards)
- A student loan or scholarship scams
- Prize, grants, and sweepstakes offer
The FTC also collects reports of identity theft. Report identity theft online at IdentityTheft.gov or by phone at 1-877-438-4338 (9:00 AM – 8:00 PM, ET).
Report Online and International Scams
The Internet Crime Complaint Center can help you report phony websites, emails, malware, and other internet frauds (IC3). Some online scams begin in countries other than the United States. If you’ve been a victim of international fraud, go to econsumer.gov to report it. Your report aids international consumer protection organizations in detecting trends and avoiding scams.
Report Social Security or IRS Imposter Scams
Scammers frequently impersonate employees of the Social Security Administration (SSA) or the Internal Revenue Service (IRS) (IRS). The following are examples of common signs:
- Robocalls
- Arrest warrants or lawsuits
- Requests for payment
- Your social security number may be suspended.
- Your social security benefits will be terminated.
Inform the Treasury Inspector General for Tax Administration about IRS imposters (TIGTA). TIGTA can be reached via phone at 1-800-366-4484.
Report Scams to Third Parties
You might want to report the scam to non-government organizations. Third companies, such as fund recovery provider EzChargeback, may be able to help you get your money back or eliminate false charges. Inform the company’s fraud department about a scam using an online merchant or a payment transfer method. If you paid a scammer with your credit card or bank account, notify the card provider or bank. Scams should also be reported to the major credit reporting organizations. To prevent someone from opening credit accounts in your name, place a fraud warning on your credit report.
