Social Media Helps Us Connect— But What About the Scammers?

As with anything there is the good and the bad, which is also true of social media. It is great to have an opportunity to connect with others on such sites as Instagram, Twitter, TikTok, and Facebook, but there is a catch. How do you stay safe from the scammers who want to connect? You need to become aware of various online scams and then educate yourself about the various ways that scammers interact with us through social media. Scammers are dangerous because they often use social media opportunities for financial and identity theft.

The first thing to realize is that you should never share your personal information online. Secondly, it is important to review your privacy settings and limit your available personal information. Social media scams occur in many different ways, so awareness is the key to avoiding these scams that are constantly evolving. It is important to keep in mind that some groups are especially vulnerable targets for scammers who prey on young adults, teens, the elderly, and people who may be overly eager to find meaningful relationships or improve their finances.

There are various types of online scams. One type is the card cracking scam where you provide access to your bank account by providing a debit card, PIN, or online credentials to log into your bank account instead of depositing a check. Once you have given access to your bank account, a scammer can deposit a worthless check by mobile deposit. Because you have given information about your bank account, the scammer can take your money with a wire transfer.

Another type of online scam is social media phishing. In this instance, a scammer appears to look like a credible or established company by creating a fake social media account. Oftentimes, you will be directed to a link that looks like an actual company website, where they will then ask you to provide personal information, such as a social security number or credit card number. A few examples are expensive items with high discounts, donation requests, requests to report vaccine side effects, and quiz games. It is best to avoid interaction with suspicious accounts. You can help prevent others from these types of scams by using the provided option to report accounts and posts.

Employment scams often offer readily available jobs with good pay and easy access to career opportunities. The scammers’ targets, in this case, include your name, address, and even Social Security number, or collecting fees, such as an application that requires a processing fee or a sign-on bonus. This expense is difficult for vulnerable job seekers, so it is important that you accurately evaluate if a company and job offer are legitimate. Remember, you are not required to pay anything to be hired by legitimate companies. You can do a background check to confirm a company’s legitimacy through the Better Business Bureau (BBB), local chamber of commerce, and review sites.

There are also charity scams where the funds raised never meet those in need. The Federal Trade Commission (FTC) recommends the following charity research tools to confirm whether an organization is authentic before donating money: The BBB Wise Giving Alliance, CharityWatch, GuideStar, and Charity Navigator.

Scammers also use social media as a tool in investment scams, especially cryptocurrency investments. People end up empty-handed after they send money, often a cryptocurrency, based on promises to receive huge returns.

Romance scams usually target young, inexperienced adults or the elderly by developing a personal connection and urgently requesting victims to send money to a stranger online. As long as there is a profit, romance scammers will keep coming back for more. First, a relationship develops between the scammer and the victim, and eventually they will ask for money, continuously coming up with new hardships or emergencies. The best way to avoid this scam is to never send money to anyone you have not met in person, and never provide anyone with your banking credentials.

Sometimes buying items online can be risky. A seller might present a great deal online that creates a sense of urgency for the buyer, who may want to seal the deal quickly. The seller might ask that you send a wire transfer or digital payment, but once you send the money, the seller will disappear or stop responding. It is important to remember to buy only from reputable sellers on sites with secure payment systems and wait to complete a local purchase until you have the item in your possession. Never make a peer-to-peer payment to a stranger. It is best to use a trusted third-party service when sending a payment to anyone.

Social media is a popular form of communication for many people to stay in touch, shop, make new friends, and sometimes just to have fun. Social media reaches billions of people worldwide at a low cost. The main thing to remember is that it is your responsibility to protect your financial and personal data. If the request is urgent, take the time to ask questions and verify sellers online with a proven track record. You should never provide your banking information or wire transfer funds to someone you do not know. Always be aware that when you are using social media, scammers are looking to make easy money by accessing your private data, so you must be vigilant in protecting your personal information.

Report a scam as soon as you see it to the FTC at ReportFraud.ftc.gov. If you have paid a scammer and need to recover money, or if you wish to learn how to recognize, avoid, and report scams, go to ftc.gov/scams.