2021 was a great year for scammers operating in the social networks. According to a Federal Trade Commission (FTC, a United States federal agency for consumer rights), the amount of money scammed from social network users was doubled last year.
In 2020, social network users lost approximately 258 million dollars due to different frauds, and in 2021 that amount jumped to 770 millions. In total, 95,000 people lost money due to fraud and scam carried out in the social networks.
The majority of these scams are carried out with an advertisement of a very low price product, great discount or irresistible offers. If the user clicks on the ad, and on the offered link, and introduces personal information, the damage has been done.
According to the report, the scammed money has increased in the recent years. But it has never increased as much as from 2020 to 2021. In 2017, the amount was 42 million dollars, the following year 78 and in 2019, 105. But in 2020, the pandemic caused massive usage of social networks, and the amount was doubled to reach the quoted 258 million dollars.
The report also details that many of the frauds are related to advertisement of crypto currency investments. Another study, this one by the company Chainalysis, sustains that money laundering of income from illegal activities using crypto currencies has increased 30% in 2021 compared to the previous year.
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