Scammers Stole $770 Million USD From Social Media Users in 2021

Scammers are becoming increasingly prevalent across social media platforms. According to a new report from the U.S. Federal Trade Commission, more than 95,000 people reported $770 million in losses due to fraud on social media in 2021. This accounts for 25% of reported fraud cases over the year.Only 5,000 people reported $42 million USD in scams in 2017, so these new numbers represent an eighteenfold increase in reported losses over a five-year period. And counter to the notion that the elderly ...