8+ Key Social Media Scamming Statistics in 2024
Posts by Kelly IndahJune 5, 2023
Mention social media and most people think of Facebook, Twitter, Instagram, and perhaps Snapchat. In fact, there are hundreds of social media sites.
It’s estimated that 4.48 billion people have social media accounts and the average user creates content on at least six different sites every day.
With that many people it’s not surprising that social media is a prime target for scammers.
What may surprise you is the social media scamming statistics. This isn’t something that happens to random strangers, it could happen to you.
Unfortunately, people tend to let their guard down when talking on social media platforms, this makes it easier for scammers to trick people and take some, or all, of their money.
If you’re a victim of social media scammers, you can lose more than money.
Scammers steal identities, your personal information, and leave you feeling embarrassed, gullible, and weak.
Discover the top social media scams statistics and how to avoid becoming a victim.
Top Statistics
- In 2022, consumers in the United States lost more than $930 million to scams that started on social media.
- 25% of fraud victims state scams start with a direct message on social media
- Social media scams are more lucrative than any other types of scam
- Teenagers are 85% more likely to be a victim of shopping scams
- 16% of social media scams are imposter scams
- Twice as many people were victims of social media scams in 2021 compared to 2020
- Only 4.8% of victims report losses to the ftc
- $770 million was lost to social media scams in 2021
- Top three online scams in 2020 were phishing, non payment and extortion
1. 25% Of Fraud Victims State Scams Start With A Direct Message On Social Media
In a review of scams completed during 2021, the DTC found that one in four social media scams started with a direct message on social media.
In many cases the scammers play a long game, posing as a romantic interest.
This allows them to build trust before asking for funds, and taking victims for everything they have.
In other cases the scam starts with an ad on social media, allowing you to pay for goods you never receive.
(Federal Trade Commission)
2. Social Media Scams Are more Lucrative Than Any Other Types Of Scam
Statistics show that nearly 200,000 social media scams were reported in 2022.
That’s roughly 10% of reported scams yet it netted more money than any other scam medium.
In other words, scammers may opt for a longer scam on social media but, for them, the end justifies the delay.
With such potential, it’s not surprising that social media scams continue to increase in number and value.
(Federal Trade Commission)
3. Teenagers are 85% More Likely To Be A Victim Of Shopping Scams
Teenagers and young people are more accustomed to shopping online. Unfortunately, this makes them the more common target for scammers.
Put simply, older adults are less accustomed to shopping this way and so, more cautious.
The standard approach for scammers is to pose as a reputable company and offer goods at heavily discounted prices.
Naturally, the offer is only available for a limited time, ensuring victims react quickly.
Once they’ve paid for the goods the scammer simply never sends it; This has been reported in thousands of cases and 85% of the time it’s teenagers and young people who have fallen for the scam.
The problem is, consumer trust in the internet is rising and it can be hard to distinguish between legitimate and fake sites.
(Federal Trade Commission)
4. 16% Of Social Media Scams Are Imposter Scams
In this case, scammers will pose as a government official or even as a friend.
The scammer takes all the real details of that person or company and c rates a new social media profile, using the information. In effect, it looks like the real thing.
That creates trust, it’s already there! A scammer can simply ask a relative to connect with them online and start chatting with them.
Their aim is to extract information that can be used to access the victims finances or steal their identity
Unfortunately, the approach works as it can be hard to distinguish between a real account and an imposter account.
Because it works, more scammers are using this approach, which is why 16% of scams now happen this way.
(Federal Trade Commission)
5. Twice As Many People Were Victims Of Social Media Scams In 2021 Compared To 2020
FTC statistics show 95,000 people reported being victims of social media fraud and losing money.
That number doesn’t seem that high compared to the billions of social media users.
However, it’s more than double the number of people who reported being victims in the preceding 12 months.
That’s a dramatic rise and, if it continues, could mean millions of victims and billions lost in just a few years.
It’s worth noting that people aged between 18-39 are more likely to report being an internet fraud victim than those over forty.
(Federal Trade Commission)
6. Only 4.8% Of Victims Report Losses To The FTC
FTC statistics share an even more alarming issue. It is estimated that just 4.5% of people who have lost money to social media fraud report the issue.
That means, based on the 95,000 that did report it, there were actually nearly two million victims in 2021.
Not only is that a scary statistic, it radically changes the amount of funds lost to social media scams, making it an even more serious issue.
(Federal Trade Commission)
7. $770 Million Was Lost To Social Media Scams In 2021
Further statistics released by the FTC show that, in 2021, social media scams recorded losses of $770 million.
That’s 26% of all fraud losses from all sources throughout the year.
It shows how many scams are now focused on social media. Naturally, the real figure may be much higher.
If victims aren’t reporting being scammed then they won’t be admitting they lost money.
(Federal Trade Commission)
8. Top Three Online Scams In 2020 Were Phishing, Non Payment And Extortion
Every year the FBI completes a top crime report and, in 2020, internet crimes topped the list.
The primary method of scamming people is by using a phishing email.
This looks genuine and voices concern about your account, urging you to check it. The email provides a link.
If you use the link you’re taken to a realistic site, but the site is fake and the scammers are getting your login details.
This is directly related to social media scams as all the information they need to trick you is gleaned from social media.
The non-payment or non-delivery scam either alleges you haven’t paid for an item or that you haven’t delivered it.
Extortion scams work by telling you they have a compromising image of you or have found out your password.
The scammer will return the info if you pay them a fee, if not they will release it onto the web.
The scam works because they know information about you, again gleaned from social media.
It’s highly unlikely they have images or know your password. But, most victims pay out of fear.
(FBI Internet Crime Report)
How To Identify A Social Media Scam
Social media scams are becoming more common and, as the social media scamming statistics show, the number of people targeted is likely to increase in future years.
Fortunately, there are several things you can do to identify a social media scam.
Poor Grammar
Many scammers either have a low standard of education or are not native to your country. That means they won’t have grasped the nuances of the language.
You’re likely to see poor grammar and plenty of spelling mistakes. Proceed with extreme caution.
New Social Profiles
If you’re contacted by someone, whether they are pretending to be a friend or not, and their social media account is new then there is a good chance it is a scam.
It is possible they are new to social media. But, the average Facebook user has approximately 250 friends.
If they only have ten or twenty they may not be genuine.
It’s An Established Friend
The imposter scam takes the identity of a friend or relative. That means, when they send a connection request to you, you’ll be thinking that you’re already friends with them.
If this is the case, check before you chat with your friend any more.
Should you find you are already connected to this friend, message them on the original account to verify if they have a new account.
Random Messages With Links
As mentioned in the social media scamming statistics, the majority of scams start with a direct message which includes a link.
If you’re not expecting a message and don’t know the person, never click on the link. It’s likely to be a scam.
The Offer Seems Too Good To Be True
Any offer that is too good to be true, whether online or not, is likely to be fake.
It’s advisable to take a moment to assess any offer you receive and question why it is such an attractive deal.
If you can’t find a good reason then assume it’s not genuine.
They Ask For Personal Contact Details
Anyone who asks for personal details, especially early in the relationship, should be viewed as suspicious.
After all, if they are a business or looking to get to know you romantically, what do they need your personal details for?
Protecting Yourself
There are several steps you can take to keep yourself safe on social media. It’s easier than you think.
Limit Post Visibility
It’s a good idea to look at your security and visibility settings on your socialism media accounts.
The best approach is to increase the security as high as you can, while still allowing people to read your posts.
The more secure the posts are the harder it is for scammers to locate information about you.
In addition, make sure you have the minimum amount of personal information on your account.
Avoid targeted Advertising
Targeted advertising allows the social media site and your internet provider to build a profile of your interests.
Scammers can access this profile through data brokers and then use it to create a personalized phishing attack.
It’s better to opt out of targeted advertising, you really won’t be missing anything.
Be Suspicious Of Any Investment Opportunity
Anyone sending you a message which promotes an investment opportunity or needs you to send them money, should be viewed with suspicion. This is true even if it is a friend or relative.
If you don’t know them you should assume it’s too good to be true. If you do know them, verify the authenticity of their request offline.
Avoid Sending Funds By Gift Card, Wire Transfer, Or CryptoCurrency
Should you decide that it is a genuine request for funds and want to send some, then do so using a secure method, such as PayPal or a bank transfer.
Anyone asking for wire transfers, cryptocurrency, or gift card payments is likely to be trying to scam you.
Be Wary Of Fast Romances
Everyone deserves to have romance and it can happen at a whirlwind pace.
However, no matter how lonely or how in love you feel, be suspicious of anyone trying to take things too fast online.
That means anyone who wants to move the relationship offline and onto SMS messages or WhatsApp.
The best approach is to avoid sending anyone money unless you have met them and seen proof of the financial trouble they are in.
If the romance is genuine they will understand you being cautious.
Check Before You Buy
Finally, as shopping scams are becoming so popular it’s essential you check before you buy.
This only applies when using a site you have never used before.
The best approach is to look at online reviews and see what other users say.
You’ll quickly discover whether a shop is genuine or not and whether you should place your order.
Summing Up
Social media isn’t going anywhere, it’s an intricate part of daily living.
That means the scams will continue and the social media scamming statistics are likely to get worse every year.
You don’t have to be a victim.
The secret is to never feel pressured into giving out personal information or sending funds.
If someone says it is urgent, take a step back and evaluate what you’re doing and whether it is really worth it.
This will help to prevent you from becoming one of the statistics.