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Number Of Complaints About Scams On The Rise

scams oct22 lt

Reports of people losing money to scams that started on social media have been surging, Federal Trade Commission (FTC) said in a statement.

The number of complaints about such scams on social media frauds have more than tripled in the last year, the data showed.

According to FTC's latest data, people lost more than $117 million on social media scams in the first half of this year. This compares with $134 million lost in the full-year 2019.

Online shopping related scams were number one on the list of complaints FTC received. Many customers complained that after paying for an item they saw advertisement on social media, it was never delivered. Facebook and Instagram were the social media platforms about 94% of the people used.

Other consumer grievances on social media scams that topped the FTC's list were romance scams, and economic relief or income opportunities targeting people who lost their income during the Covid-19 pandemic.

About half of the romance scams reported to the FTC since 2019 involved Facebook or Instagram.

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