The US Federal Trade Commission said in its latest report that the volume of social media fraud in the United States is about $2.7 billion as of 2021.
Scammers rely on personalized content to attract their victims, similar to the algorithms used to post content on social media platforms.
The younger generation is more likely to fall victim to such scams due to their heavy use of social media.
The most common method of fraud is to pretend to sell a product but not deliver it to the customer after placing the order.
This scam is fueled by the widespread proliferation of questionable e-commerce pages and websites offering low-cost fake products. Advertisers rely on sponsored ads on social media to target victims and increase sales for these companies.
Some scammers use fake websites to steal social media login credentials, then take over personal accounts and post messages to lure other victims.
Romance scams, which rank second in financial losses according to the Federal Trade Commission, often start with a simple friend request or random message and quickly escalate into a romantic relationship in which the scammer asks for money.
Artificial intelligence is increasingly being used in scammers' attempts to steal money and personal information because it improves their ability to attract victims.
It is always recommended to keep personal accounts private and limited to people you know, ignore messages from strangers, and purchase products from reputable e-commerce sites.