Consumers Lost $2.7 Billion to Social Media Scams Since 2021

A report from the US Federal Trade Commission reveals that scams originating on social media have accounted for $2.7 billion in reported losses since 2021. One in four people who reported falling victim to fraudsters since 2021 said the crime started on social media. The numbers are particularly high among younger demographics. For example, in the first six months of 2023, fraud reports filed by victims aged 20-29 said social media was the contact method more than 38% of the time. For people 18