The Federal Trade Commission (FTC) released data finding that social media-based scams account for $2.7 billion in losses since 2021. This is more than any other contact method.
Reports during the first half of the year show that the most frequently reported scams on social media are related to online shopping, with 44% of reports pointing to fraud related to buying or selling products online. Most of these reports come from people who never received the items they ordered after responding to an ad on Facebook or Instagram.