The Federal Trade Commission (FTC) recently reported that, in 2025, social media scams were the costliest of all scams against consumers, with a whopping $2.1 billion lost. Thirty percent of those who reported losing funds in 2025 indicated that the scam started over social media.
The number of 2025 scams beginning on social media increased more than eight times from those that started on social media in 2020. The data shows that the scams are successful against all age groups except for those over 80 years old.
The FTC data shows that social media scams include:
- Investment scams that “started with an ad or post offering a program to teach you how to invest” or scammers that posed “as friendly advisers or created WhatsApp groups full of ‘successful investors’ sharing fake testimonials;
- Shopping scams (most reported) when consumers purchased something they saw in a social media ad, including clothing, makeup and car parts that “led to unfamiliar websites,” or “sites impersonating well-known brands that claimed to offer big discounts”; and
- Romance scams, where scammers target individuals based on social media profiles and trick the individual to invest in an investment scheme, fake investment platform or invent a crisis requiring money.
To avoid becoming a victim, the FTC recommends:
- Limit who can see your posts and contacts on social media. Visit your privacy settings to set some restrictions so scammers have less to work with;
- Never let someone you have met only on social media direct your investment decisions. Instead, learn more about spotting investment scams;
- Before you buy, check out the company. Search online for its name plus “scam” or “complaint.”
These are sound recommendations. Most importantly, be aware that your social media profiles and posts are public and can be seen by anyone in the world, including scammers. Be aware of who you allow to see your profile and posts and be careful about who you connect with. Check your privacy settings and be aware of these scams and how your social media can contribute to you being victimized.