What are Social Media Scams? In social media scams, scammers use social engineering to bait victims into
sharing personal or financial information, clicking on links, or downloading harmful software or applications.
It is important to be wary of social media attacks; as social media is known as the golden goose for scammers, particularly when it comes to investment scams. The Federal Trade Commission has a good article on this topic: Social media: a golden goose for scammers.
The best investments do not come from social media solicitations. These scammers may make it seem like you can get huge returns, but if that was truly the case, legitimate financial advisors would offer those same investment opportunities. “Investing” in cryptocurrencies is big business for scammers, but can have devastating costs for victims. If someone tells you to download a specific platform to invest in crypto, run. There are programs out there where the scammers can control what you see on these platforms, making it look as though you are making big gains, only to steal your money.
Another type of social media scam is the online shopping scam. If you are buying from a company, do your research first. Check them out online. Read reviews and check if they have any complaints against them. Next week, I will share information on another exploited vulnerability that particularly targets young adults: employment scams and student loan repayment scams.