Social media scams and how to avoid them

With social media giving scammers more ways than ever to take advantage of unsuspecting users, especially through financial scams, social media scams are more commonplace than ever, with millions of people falling victim to them every year.

To help combat this problem, XTB.com has identified five of the most common social media scams out there right now and has some tips on how to identify and avoid them:

Investment and Cryptocurrency FraudA: One of the most popular methods scammers use to scam users on social media is fake investment opportunities. Whether it’s Forex, cryptocurrencies, or stocks, scammers will contact you promising high returns and zero risk, claiming insider knowledge of the market, or other connections.

How to avoid this scam:

  • Invest only through trusted entities that are regulated by the Financial Conduct Authority or another top level regulatory body.
  • Do not share personal information with anyone until you are sure it is legal.
  • Do not send money to anyone who has been contacted via direct social media messages with “too good to be true” investment opportunities.

Social media account hijacking scam: A scammer gains access to your social media profile and uses it to post fake investment opportunities, share links to phishing opportunities, and gain access to the accounts of your friends and family members.

How to avoid this scam:

  • Beware if a friend texts you or posts things they don’t normally say.
  • Beware if they write about investment opportunities or ask you for money out of the blue.
  • To avoid having your account taken over, always be on the lookout for phishing attacks from others and through your email, and enable two-factor authentication (2FA) whenever possible.

Fake online stores and counterfeit products: Fraudsters often use social media ads to promote fake companies and products. These ads often use extremely low prices for so-called “high quality” products to draw attention to their ads, however, they never fulfill orders placed through them, leaving your money/information to the scammers.

How to avoid this scam:

  • Watch out for low quality images in ads as this is a sign of potential fraud.
  • Be wary of extremely low prices for items that appear expensive.
  • If you have any concerns about a company/product you are interested in, search them on Google to see if there are any reviews or warnings.

Impersonator Account Fraud: With this method, scammers will create fake social networks with someone else’s name, photos, and other identifying information and try to solicit money, post fake gifts, or send phishing links. Some may even impersonate influencers or celebrities.

How to avoid this scam:

  • Always make sure your account is verified, especially if it’s a celebrity account.
  • As with other scams, avoid sending money to anyone who has contacted you via social media as this is most likely a scam, especially if it’s a “celebrity”.

Fake job scams: Fraudsters have taken advantage of the current work-from-home regulation and started posting fake remote jobs that scammers hope to get money or information from you. These scammers often offer incredible positions with extremely high salaries in order to attract as many people as possible.

How to avoid this scam:

  • Be careful if it’s a job that pays a lot of money for what doesn’t seem like a lot.
  • Always double check the legitimacy of the company/business that is supposedly looking for a job for you by doing a Google search or, for example, Glassdoor.
  • If they expect you to pay for tuition or equipment up front, it is most likely a scam, as you are never expected to do so with a legitimate job offer.

 

The post Social media scams and how to avoid them first appeared on Fintech Finance.

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texasstandard.news contributed to this report.

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