FTC study shows consumers reported losing $2.7 billion to social media scams since 2021

New data from the Federal Trade Commission shows that scams originating on social media have accounted for $2.7 billion in reported losses since 2021, more than any other contact method.

Reports during the first half of this year show that the most frequently reported scams on social media are related to online shopping, with 44 percent of reports pointing to fraud related to buying or selling products online. Most of these reports come from people who never received the items they ordered after responding to an ad on Facebook or Instagram. Click here to read the entire FTC release.