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Financial Services Law Insights and Observations

FTC reports on social media fraud

Federal Issues FTC Deceptive Fraud Social Media Consumer Protection

Federal Issues

On January 27, the FTC released a blog post regarding scam data usage on social media. Reports to the FTC showed that social media is increasingly used by scammers and “that social media was far more profitable to scammers in 2021 than any other method of reaching people.” The blog post, Social media a gold mine for scammers in 2021, reported that more than 95,000 people reported about $770 million in losses to fraud initiated on social media platforms in 2021. Additionally, the FTC noted that investment scams and romance scams had the most reported dollars lost.