Latest figures show consumers have lost $2.7 billion since 2021.
The Federal Trade Commission (FTC) recently released data regarding scams on social media, which have caused the greatest amount of financial loss. The commission reported that consumers have been defrauded of at least $2.7 billion since 2021.
Online shopping scams accounted for 44 percent of fraud reported in early 2023, with buyers not receiving items they purchased through social media ads. However, investment schemes have accounted for 53 percent of the losses in the first half of 2023. Over half of the reports involve people paying scammers with cryptocurrency. Romance scams are another significant area of risk.
The FTC “recommends that consumers take steps to limit who can see their posts or contact them on social media, and to reach out directly by phone if someone claiming to be a friend or relative messages on social media asking for money.“
As the Lord Leads, Pray with Us…
- For Chair Lina Khan to seek God’s direction as she heads the FTC.
- For wisdom for commissioners of the FTC as they seek to protect consumers.
- For awareness for Americans to avoid social media scams.
Sources: Federal Trade Commission
