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

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.

How have online scams succeeded?

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.

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. 

How to protect yourself from social media scams

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.

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.