Social media scams hit a new high in 2021

Social media scams hit an all-time high last year, new figures from the Federal Trade Commission (FTC) have revealed.

The FTC claims a quarter of all fraud losses for the year happened on social media, with victims losing around $770 million during 2021 (at an average of around $460 per scam) – an 18x rise on the $42 million lost just five years ago.

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