The Federal Trade Commission (FTC) recently posted updated information about the relationship between social media and scamming. While phones remain far and away the most common method for criminals to reach their fraud victims, social media is gaining as a contact method.
Based on 2021 data reported to the FTC, more than 25% of those reporting money losses in scams, told the agency the fraudulent transaction started through a post, ad, or message posted to social media. For some types of frauds, the percentage is even higher. Romance scam victims told us over a third of those scams started up on just two social media platforms, Facebook and Instagram. Crooks promoting dubious investment schemes also love social media. Most of those investment schemes promote phony cryptocurrency investments.
There are some steps everyone using social media can take to limit their exposure to online scams. Look these suggestions over:
Limit who can see your posts and information. You should know and understand the privacy settings and how you can enhance them. This might not be as clear and easy as it sounds. Every platform sets up its own privacy parameters, but persevere and figure these out. Some very basic advice I can give is, take your Facebook profile off “public.” Keeping your profile public means anyone and everyone can see everything posted on your page. That’s quite attractive to crooks who want to figure out how to trip you up.
Be very selective about who you invite to view your profile or “friend” you. Criminals use clever methods to search out people who identify as interested in new relationships or various interests. When they see you show interest in something, it’s easy to target you with phony friend requests geared to pique your interest.
See if you can opt out of or limit targeted advertising. Free social media platforms pay for themselves by delivering ads to you. Do what you can to limit what they expose you to.
Never deal with any vendor demanding payments with cryptocurrency, gift cards, or a wire transfer. The chance such vendors are criminals is 100%.
Understand hackers get into social media profiles of your friends with great ease. Any message you receive from a friend, promoting some giveaway, or grant, or job opportunity, is a warning to you, your friend’s profile got hacked. Contact them by another means to alert them. A retired Clinton man told me, this week he received three identical messages from three different Facebook friends, encouraging him to claim a free government grant. The offer intrigued him enough he contacted the scammer. But when they demanded payment for the free grant, he balked and backed out.
Contact Seniors vs. Crime
Let me know about scams, fraud, or other crookedness you run across. Most of what I learn, I learn from you. Contact me at Seniors vs. Crime, Clinton County Sheriff’s Office, (563) 242-9211, Ext. 4433, or email me at randymeier@gapa911.us.
