“Social media is a tool for scammers in investment scams, particularly those involving bogus cryptocurrency investments,” warned the U.S. FTC. crypto bitcoin
“Social media is a tool for scammers in investment scams, particularly those involving bogus cryptocurrency investments — an area that has seen a massive surge in reports,” said the FTC.The U.S. Federal Trade Commission published a “Consumer Protection Data Spotlight” last week, warning the public about scams, including crypto investment scams, utilizing social media.
“More than 95,000 people reported about $770 million in losses to fraud initiated on social media platforms in 2021,” FTC’s program analyst Emma Fletcher wrote. “Those losses account for about 25% of all reported losses to fraud in 2021 and represent a stunning eighteenfold increase over 2017 reported losses.” She added:
“More than half of people who reported losses to investment scams in 2021 said the scam started on social media,” the FTC analyst continued. “Reports to the FTC show scammers use social media platforms to promote bogus investment opportunities, and even to connect with people directly as supposed friends to encourage them to invest. People send money, often cryptocurrency, on promises of huge returns, but end up empty handed.
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