FTC Highlights Profits Worth Billions Made By Scammers Through Fraud Conducted On Social Media

The FTC is putting out a shocking new report that speaks about the mega sum of profits that scammers managed to generate via social media apps.

Think along the lines of every one in four people reportedly losing cash via this illegal means on the apps. And if we actually look at the figures between January of 2021 and June of this year, estimates have reached $2.7 billion in regards to this means.

And when you actually come to think of it, it’s greater than any other means by which users contact the app including texts, calls, webpages, applications, online advertisements, and even pop-ups.

It’s going to certainly come as a minor surprise as many were expecting this. And that’s true despite scams starting on the apps affecting all ages including the fact that the younger individuals have greater susceptibility due to the fact that there’s a giant generation difference amongst usage of this type.

In the report, we saw how the data highlighted that the greatest fraud happened at the start of this year and went on until the middle. This is where 38% reported fraud of this type, hailing from the 20 to 29 year age bracket. Meanwhile, the figure was ramped up to 47% for those between the 18 to 19-year age group.

As far as which fraud leads the pack, it’s the greatest for online shopping, fraud linked to investment, and love-themed scams. But it’s the investments that happen to withdraw the greatest amount of funds from victims. A whopping 50% was taken away from such people until June of this year, striking obvious reasons for concern amongst the masses.

The FTC further shed light on how scammers go the extra mile to market the success of investment frauds of this type. Their goal seems to be linked to luring more people into platforms that are nothing but pure fraud.

They usually end up generating huge promises featuring mega returns and even turn toward realistic tactics that appear like the scam was never one to begin with. Moreover, when people see such investments as growing, they get enticed to take part in it.

Hence, when they go the extra step and make an investment, reports mention how it’s mostly linked to the world of crypto and people end up losing all their cash with nothing in return.

Therefore, experts feel the time has come to be aware of such scams, big or small, including those seen in email. It’s always a great idea to go through guides that provide tips on how such scams may be eliminated in the first place.

Moreover, your best defense in such cases is having the right type of knowledge and hence using that as a weapon to stay prepared. By this means, you can greatly eliminate the chances linked to getting duped and remaining secure at all times.

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