Facebook is the top social media platform for scam initiations, says new FTC report

"A new report from the Federal Trade Commission shows almost 30% of people who lost money to scams last year said it all started on social media. Social media was the number-one method of communication for scammers, producing more losses than texts, calls or emails. In all, consumers lost $2.1 billion -- eight times more than the amount lost in 2020."

"Of the social media platforms, Facebook was the top site for scam initiation. WhatsApp and Instagram came in a distant second and third. The FTC advises users to limit how public their social media profile is -- encouraging people to make more of their personal information private -- or only visible to known friends."

"The FTC also says never let someone you've only ever met on social media influence what you do with your money, including where to invest it. Investment scams led to $1.1 billion of last year's reported losses. And finally, if you see an advertisement on social media for a product you'd like to buy, Google the company name or reverse image search the product."

"Remember -- only buy from websites you know and trust. Shopping scams account for 40% of people who lost money to a scam on social media."

Almost 30% of people who lost money to scams reported that the scam started on social media. Social media was the top communication method used by scammers, causing more losses than texts, calls, or emails. Consumers lost $2.1 billion in total, eight times more than in 2020. Facebook was the leading platform for initiating scams, followed by WhatsApp and Instagram. The FTC advises limiting how public social media profiles are by making personal information private or visible only to known friends. It also warns not to let someone met only on social media influence money decisions, including investments. For social media ads, it recommends searching the company name or using reverse image search, and buying only from trusted websites. Shopping scams accounted for 40% of social-media scam losses, while investment scams caused $1.1 billion.

Read at ABC7 San Francisco