The Federal Trade Commission (FTC) released a report last week detailing an increase in social media fraud scams in 2021. The report stated more than one in four people who reported losing money to fraud in 2021 said it started on social media with an ad, a post, or a message. Social media platforms are incredibly easy tools for scammers to use, they can either create a fake profile to deceive people or buy stolen credentials on the dark web and use a real profile. Threat actors use personal details that users share publicly to develop their scams and target specific victims. The FTC stated that the most popular scams used by threat actors were investment scams followed by romance scams. In total, the FTC reported that over 95,000 people claimed they were victims of a social media scam in 2021, which amounted to $770 million in losses. The FTC said that Facebook and Instagram were the two most used social media platforms when victims identified which platform was used in the scam.
12 Essentials for a Successful SOC Partnership
Binary Defense
January 12, 2023
As cyber threats continue to impact businesses of all sizes, the need for round-the-clock security
