Scammers are hiding out on social media, using ads and offers to market their scams, according to people’s reports to the FTC and a new Data Spotlight. In the first six months of 2020, people reported losing a record high of almost $117 million to scams that started on social media. People sent money to online sellers that didn’t deliver, to romance scammers, and for phony offers of financial help.
The biggest group of reports were about online sellers that didn’t deliver the goods. They were more than one-quarter of all reports about scams that started on social media in the first half of 2020. Next came reports of romance scams: about half of all romance scams reported since 2019 started on social media, usually on Facebook or Instagram. People also told the FTC about social media messages that pretended to offer grants and other financial relief because of the pandemic — but were really trying to get money, personal information or both.