In recent months, the Federal Trade Commission has reported that social media is increasingly becoming a premier target for fraudsters, especially those looking to cash in on the crypto craze sweeping the country.
In June, the agency released data showing that nearly half the people who reported losing money via a crypto scam since 2021 said it originated on a social media platform. “Reports point to social media and crypto as a combustible combination for fraud,” the agency wrote.
The agency said crypto was the most common form of payment for social media scams, and that a surge in cases has resulted in hundreds of millions of dollars lost for consumers.
The FTC noted that three of the top four platforms singled out in those cases were owned by Meta. Instagram was mentioned in 32 percent of reported crypto scams on social media, while Facebook and WhatsApp were cited 26 percent and 9 percent of the time, respectively.
“Based on recent reports of scams on other social media platforms and apps, we are concerned…
