Social media is an essential part of our lives. It connects us with loved ones and friends, keeps us up to date with the latest news and trends, and even lets companies conduct business. Unfortunately, our social media connections have also become a hub for fraudulent activity and scams.
Social media gives scammers the ability to hide in plain sight, allowing them to create a fake persona or hack into real profiles and pretend to be someone else or even a business. According to a new report from the Federal Trade Commission (FTC), Americans lost nearly $3 billion dollars between January 2021 and June 2023 as a result of social media scams. The next time you’re scrolling through Facebook or other social media platforms, don't be so quick to click on a message or enticing ad. If you do, you might be inviting an unwelcomed scam.
While social media creates a place for people to connect, it also creates an environment for criminals to use various tactics to commit fraud. Below we uncover five common social media scams, warnings signs and tips for avoiding these deceitful schemes.
While those fun online quizzes may seem innocent and harmless, asking questions such as “Which dog breed are you” or “What’s your mother’s maiden name”, criminals use these tactics as an invitation to steal your sensitive personal information and exploit you financially. The next time you come across one of these, you may want to think twice before playing along.
Warning signs of an online quiz scam:
Don't get scammed - follow these tips:
Be careful with what information you share and with whom on social media.
Remove personal information like your phone number and home address from your social media profile.
Use strong passwords and security questions for your online accounts.
While there are legitimate businesses online, scammers can create fake ones too. Social media is often used to promote faux products, job offers, and deals that are too good to be true. Scammers will use enticing ads in an attempt to capture your attention and personal information. Trust your gut and don’t get fooled. Steer clear of these indicators of fraudulent ads and businesses.
Don't get scammed - follow these tips:
Social media scammers often pose as someone else to gain your trust. An example can be pretending to be someone you know like a friend, family member, or company you do business with. Look for these signs and take the appropriate safety measures to avoid imposter scams.
Warning signs of imposter scams:
Don't get scammed - follow these tips:
Who wouldn’t want to win big or find solutions to financial woes? If someone contacts you claiming that you won a prize or they can make all your financial worries disappear, most likely it’s a scam. Common scams making their rounds via social media are “grant money”, get rich quick schemes, and other giveaway type offers. Don’t fall for false promises of easy money – here’s what you need to watch out for.
Warning signs of a financial relief scam:
Don't get scammed - follow these tips:
Never answer or respond to unsolicited requests, click on suspicious links, or download attachments to your devices.
While social media is a great place for connections and community, it’s also a hub for scams which can pose serious threats to your personal and financial security. That’s why it’s extremely important to be vigilant whenever you’re scrolling through social media. By following these tips, you can enjoy the benefits of social media while also keeping yourself safe.
Please remember, neither Peach State FCU nor any of our third-party vendors (i.e., Visa) will ever call, text, or email you asking you to disclose account or other personal information. If you believe you were contacted by someone pretending to be from Peach State or another legitimate agency, don’t respond and contact us immediately at 855.889.4328, stop by your local branch, or email us at psfcu@peachstatefcu.org.
To learn more about ways you can further protect yourself from fraud and scams, visit the Fraud Prevention section on our website.