Social Media – A Gold Mine For Scammers To Rob You of Millions So Be Careful!

Social media pervades many people’s lives; we use it to remain in touch, meet new friends, shop, and have fun. However, data reveal that scammers are increasingly using social media to defraud us. In 2021, more than one-fourth of those who reported losing money to fraud claimed it began with a social media ad, post, or message. 

As great as it is that social media enables interconnectivity between individuals on a global scale – if it is not used wisely, social media platforms can turn into houses of danger. Think of it this way, you shop online through Facebook, the seller asks you to make a direct payment to his/ her account and they will ship you the item you bought. You being a kind and humble individual do, as they say, the payment gets transferred from your account to their – and BOOM! They vanish into thin air, how will you trace them now? As your only means to contact them was through a social media platform! Therefore, social media may have many advantages but it is also the hub of numerous types of scams. 

In this article, we will discover how digitization and COVID-19 have sparked social media scams and how we can protect ourselves. 

Social Media Scams are On a Rapid Rise Since COVID-19 Hit

There’s a lot to enjoy about social media for scammers. It’s a low-cost method of reaching billions of individuals all around the world. It’s simple to create a phony persona, or scammers might use an existing profile to deceive “friends.” By studying the personal information people disclose on social media, they may fine-tune their approach. Scammers might simply utilize the resources accessible to advertisers on social media platforms to systematically target users with fake adverts based on personal information like their age, interests, or previous purchases. 

According to reports, social media is a tool used by scammers in investment scams, notably those involving phony cryptocurrency investments, which has witnessed a significant increase in reports. In fact, internet purchasing accounted for 45 percent of the money lost to social media scams in 2021. People reported they placed an order, generally after viewing an ad, but never received the product in over 70% of these instances. Ads that imitated actual internet retailers and directed consumers to fake websites were detailed in some publications.

Funds Trace Saved my Wedding! 

To me, social media has always looked like a safe place to interact with my loved ones and, more significantly, shop from all over the world in one location. When I was defrauded online, though, this safe haven turned into a nightmare for me. I was getting married in three months and had chosen the perfect wedding gown on the internet. I paid $11700 for the dress and used a link that was emailed to me to make the payment to the business. I didn’t realize the connection wasn’t safe because I was new to online buying. I began receiving emails from my bank regarding online transactions from my account, and all I knew was that I wasn’t the one making the purchases. I googled recovery fund firms as the wedding date approached and came upon funds trace. 
This company is a funds recovery investigation service that attempts to provide you with the greatest experts in the industry in order to recover your money from a con artist. My evidence was good enough that they were able to retrieve my money in less than three months after I contacted the firm via their website and gave them the transaction data. I was able to attend my wedding in a decent gown thanks to funds trace, which I made sure was purchased according to policy.

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Christophe Rude

Christophe Rude

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