This year, social media frauds resulted in a loss of over 930 million dollars for US consumers

As reported by AtlasVPN, US customers suffered a significant loss of $931M because of scams made through social media this year, equating to an average of $3.4M each day

From January 2022 to September, around 131,409 instances of scams made with social media were reported. Around twelve percent of reported scams occurred through social media, but most of the money was made through this medium compared to other ways.

According to the data shared by the Federal Trade Commission, there were about 136,553 cases of scams in which apps and websites were used, this put the web and app in second place which made a loss of $692 million for consumers from January to September 2022.

In the third position, stands the scams made by calling different people’s phone numbers. As per the FTC data, 229,494 cases of scams were recorded from January to September 2022 which resulted in a loss of $590 million for consumers.

Email fraud is in the fourth position, with 195,571 reported cases from January to September of 2022, resulting in a loss of $309 million for victims.

Frauds made by text messages ranked in 5th place, resulting in a loss of $231 million for victims. Most of the reports were of scams by text messages. It should be noted here that nearly 252,647 cases were reported from January 2022 to September 2022 making this type the least lucrative for scammers.

Cybercriminals also used adverts that just pop up during browsing or scrolling. Although the FTC recorded only 27,678 instances of this fraud, they resulted in a loss of $131 million for victims.

Around 25,803 scams made through the mail were also reported by US customers, which resulted in a loss of $53 million for scammed customers.

It's important to get some awareness of holiday scams, as many people become victims of this type of fraud each year. Some of the most common scams made with social media during vacations are discussed below.

As per the report from AtlasVPN, social media scammers also do scams by creating fake fund-raisings and fraud people to donate online by showing themselves as a legal organization for charity. Moreover, they can create charity or fund-raising websites to trick people into donating, as well.

So, it is advised to properly go through the organization you're donating to. In case there is no information available or very less information available or just something seems off, then take your time and try to find a more reputable charity

A private poll showed that nearly 50% of customers who use social media became victims of scams that are done through online shopping. In this type of scam, scammers create online stores that are fake and pretend that they are selling rare brand items at a very low price, and use social media for popularity. Make sure you understand that expensive brands are never available at such low prices as the fake online stores show and you can also check for customer reviews. Besides, shop only on the official websites of trusted brands. Check the website URL, spelling, content inside it, and graphics, if anything seems suspicious, then chances are high that it’s a fake site. Use internationally approved payment methods. Never send payments directly to any seller’s account.

Gift exchanges that are done online might look harmless, but they can be used for fraud as well. These schemes are not legal due to the usage of gambling as their base of profit and people who are using such schemes for personal benefit could be arrested as per the country’s law. Ensure your safety from so-called gift exchange frauds by not participating in them online.

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