ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

Here's a List of the Most Common Social Media Scams to Watch out for in the Year Ahead

The BBB Scam Tracker has received numerous complaints about fraudulent activities being carried out in the name of encouraging small businesses.
PUBLISHED FEB 18, 2024
Cover Image Source: Ads on social media are scamming users (representative image) | Pexels
Cover Image Source: Ads on social media are scamming users (representative image) | Pexels

Although the rise of influencers has opened up avenues for products to be marketed and scams to be exposed on the internet, social media users are also being duped with fake offers and invitations by such personalities. One can never know if a website or a business is real unless it is a big brand or has some legit customer reviews. Recently, news came out that the BBB Scam Tracker has received numerous complaints about fraudulent activities being carried out in the name of encouraging small businesses on Instagram and Facebook. An online scam report generated in 2022 revealed that most online purchases were a way to steal money from unsuspecting users who believed what they were shown on the screen.

Social media scams are searching for victims and trapping them through fake online purchases|Pexels
Social media scams are searching for victims and trapping them through fake online purchases | Pexels

Nowadays, most websites or links to a social media platform display unnecessary advertisements. Scammers are forming emotional connections with the users and stealing money in the name of charity. Charity scammers use Facebook, YouTube, or Instagram as well as crowdfunding sites to ask for donations. When a charitable cause, whether for animal rescue or flood relief, pops up on the social media feed, many people opt to donate without ensuring that their money is going to a worthy cause, or verifying a charity's legitimacy with organizations. Fraudsters also lure users by giving them attractive free trials or samples, in which the customers unknowingly agree to terms and conditions which mention that they will have to pay multiple monthly shipments for products over $70-$100 each.

Scammers are waiting for you to swipe that card and then vanish with your money|Pexels
Scammers are waiting for you to swipe that card and then vanish with your money | Pexels

The incidents of online scams have soared to 87% since 2015. In 2022, online scams surpassed other delivery methods, constituting 55% of overall scams, and they were associated with a higher percentage of individuals losing money when targeted, reaching 75%. Some of the common social media scams that Americans fall for include online shopping, fake investment plans, code authentication, and romance scams. Other examples of social media fraud include selling copy products of branded ones with just spelling mistakes, unverified links to websites with no customer reviews, and policy pages. 

If the deal looks too enticing and profitable, it is a trap. Do not blindly go to the website, and instead confirm before paying.

Look for customer reviews, product photos, website origins, and whether it is a valid and verified URL.

Do a Google search of the business by typing in keywords like 'complaints,' 'reviews,' or 'scam' to unmask if there are any issues.

Scammers often exploit humanitarian causes to appeal to people's emotions and trick them into paying. Visit Give.org to research organizations before making donations.

If you want to save your money, follow these steps and stay away from social media scams|Pexels
Take necessary steps to protect yourself from social media scams (representative image) | Pexels

Don't make quick purchases. Surveys show that people are swayed while browsing the internet and end up making enormous transactions to unverified sources.

Approach with caution if someone contacts you unexpectedly. The victim complaints in the survey made sure that scammers went to great lengths to make them appear genuine.

Always ask for verifications of the payment sources. You are making payments, so you have the right to know.

MORE ON MARKET REALIST
The FSIS announced at least five people were injured from consumption of the affected products.
6 hours ago
In the end, the guest was ready to fight her sister for an item worth thousands of dollars.
9 hours ago
Fans were heartbroken to see the player, Ryan, walk away empty handed.
10 hours ago
Harvey couldn't believe the hard researched facts about catfish on the show.
11 hours ago
Carey demanded the Wikipedia page of "Stack the Deck" game to be updated after the win.
13 hours ago
The player Titus Stevens missed out on taking home nearly $65,000 over an easy puzzle.
1 day ago
Harvey couldn't control himself after hearing some of the answers.
1 day ago
The thrift store find turned out to be quite profitable for the seller named Kimberly.
2 days ago
The creator showed proof that the store jacked up the price of an item by $3 during a sale.
3 days ago
The contestant, Linda Rivera failed to crack a seemingly easy phrase in the finale.
3 days ago
Fans couldn't believe that the player chose to miss out on such a good opportunity.
3 days ago
Host Drew Carey had to point out how loud the viewers were before the emotional victory.
4 days ago
While the guest got a massive appraisal for her grandma's ring, she was clear on her stand.
4 days ago
While some blamed the tough puzzle, a few were disappointed with the player, Rob Schwandt.
4 days ago
The player was a bit too excited for the trip and so was her husband in the audience.
5 days ago
The player, Ashton Hildebrand when on to win the showcase for prizes worth over $52,000.
5 days ago
The guest, Jad managed to bring a deal back from the dead and get exactly the amount he asked for.
5 days ago
While some players played it safe, others destroyed their marriages on the show.
5 days ago
Harvey was sure tha the player, Darren didn't want to be on the show at all.
6 days ago