Social media scams earned fraudsters an astounding $658m in H1 2023 alone, exponentially higher than any other contact method.
According to data presented by the Atlas VPN team, 83,302 fraud instances originating from social media were recorded in the first half of 2023. Social media fraud reports have tripled since 2020, when 25,459 instances were registered.
The report shows that these social media scams surpassed all other contact methods, with social media fraud reports up more than three fold since 2020, when there were 25,459 instances, according to Federal Trade Commission (FTC) data.
Younger people, mainly those aged 20-29, were the most susceptible to social media scams, accounting for 38% of all fraud cases. Scammers targeted older generations through websites/apps (ages 60-69), phone calls (ages 70-79 and 80+), and other methods.
Most social media fraud charges result from attempts to purchase items advertised on Facebook, Instagram, or Snapchat. However, investment scamming was the most profitable, accounting for 53% of lost funds.
To see the full report, click here.
