A report from the U.S. Federal Trade Commission reveals that fraudulent activities through social media networks within the United States have amounted to approximately 2.7 billion dollars since 2021.
The common approach employed by fraudsters involves tailoring content to target victims in a manner reminiscent of algorithms used for content dissemination on social media platforms.
Moreover, it appears that younger generations are more susceptible to falling victim to this type of fraud due to their intensive use of social media networks.
One of the prevalent methods in these fraudulent activities is the presentation of alleged products for sale, which are never actually provided to customers after purchase.
Furthermore, the widespread proliferation of suspicious e-commerce pages and websites contributes to an increase in fraud cases. Advertisers rely on sponsored advertisements through social media to target victims and boost their profits.
Some fraudulent operations utilize fake websites to steal login credentials for social media networks. These compromised accounts are then used to disseminate deceptive messages to ensnare further victims.
On a secondary and tertiary level, romance scams rank second in terms of financial losses. Typically, these scams begin with a simple friendship request or random message, evolving into a romantic relationship where victims are asked to send money, according to a report from the Federal Trade Commission.
Artificial intelligence plays an increasingly crucial role in fraudsters' attempts to target both money and personal data, as they leverage enhanced capabilities in exploiting victims.
To safeguard against these scams, it is always advised to keep personal accounts private, limit contact to known individuals, ignore messages from strangers, and make purchases from reputable e-commerce sites.
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