5 Social Media Scams You Should Be Aware Of

In the last 15 years, social media has become an integral part of our lives, helping us connect with friends, family, and even strangers, all while exploring the incredible world around us. But with this newfound interconnectedness, there also comes a darker side — social media scams. From counterfeit products to too-good-to-be-true investment opportunities, here are five social media scams to watch out for.

1. Authentication Code Scams

Multi-factor authentication enhances the security of online accounts by requiring a unique code in addition to your password, usually sent via text, email, or app. In recent years, scammers have taken advantage of this security measure.

Often pretending to be friends, they request assistance in recovering their account and ask to send the authentication code to you. In reality, they are requesting your passcode, and giving it to them grants them access to your online accounts, which they can then take over.

2. Social Media Account Takeover Fraud

Account takeover fraud involves hackers gaining unauthorized access to your social media profile. This can occur through trickery or phishing attacks to steal passwords, such as an authentication code scam.

Once in control, scammers exploit these accounts to carry out harmful actions — like posting about fake investment opportunities or sharing links to phishing sites to gather personal information about your followers.

To make matters worse, it can be extremely difficult to regain access to your account once it's been properly scrubbed (posts deleted, emails changed, etc.).

3. Fake Online Stores and Counterfeit Products

Scammers will frequently exploit social media ads to peddle fake products or establish deceptive online stores. These ads often lure victims with promises of charitable contributions or unbelievably low prices.

Unfortunately, these products and stores are facades designed to steal your money or personal information.

4. Romance Scams

Romance scams have long been prevalent on dating sites, but they also extend to social media. Scammers will create fake profiles, using stolen photos of attractive individuals to entice unsuspecting users. They then initiate relationships before introducing financial issues and asking for help. Tragically, too many individuals have fallen prey to these scams, constituting 24% of all social media scams.

5. Investment and Cryptocurrency Scams

One of the most significant threats on social media involves fake cryptocurrency and investment opportunities. A staggering 37% of social media scam losses last year resulted from investment scams, primarily in the cryptocurrency realm.

Scammers initiate contact through direct messages, building rapport before introducing a seemingly lucrative investment opportunity. Their pitch often involves claims of rapid financial growth, which entices many users to invest. After all, who doesn't want to get rich overnight?

As social media continues to be a breeding ground for scams, it's important to be aware of the potential danger. Awareness can empower you to identify and avoid falling victim to digital deception. Don't be afraid to have fun on social media, just be cautious, question suspicious offers, and always remember, if it's too good to be true, it's probably not.

References: “The Worst Social Media Scams of 2023 & How To Avoid Them.” | “Social media a gold mine for scammers in 2021.”