Losses from fraud originating on social media skyrocketed in 2021, according to data the Federal Trade Commission released Thursday. More than 95,000 individuals reported losses totaling $770 million as a result of fraud initiated on social media. That number is up from $258 million in 2020 and just $42 million in 2017. Part of that growth has been driven by record losses to cryptocurrency scams. Investment scams made up 37% of all reported fraud losses originating on social media in 2021, according to Thursday’s report. Scammers have found a wide range of ways to dupe cryptocurrency investors, such as so-called “giveaway” scams where victims are told to send in money for a large investment return that never appears. Those scams have popped up quickly after surges in popularity of a new coin and even with focused efforts, social media platforms have struggled to stop them. The FTC in March 2021 […]
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