The ends will always justify the means to a scam artist. “Artist” is a word that is always connected to scams because there is an art to the lengths criminals will go to use deception and mind games to separate the naive, and those who should know better, from their money. The ubiquity of social media scams is a testament to the fact that scam artists are always evolving their schemes.
You can’t ever let your guard down when it comes to social media scams. Americans have lost over $2.7 billion over three years, from 2021 through 2023, through the proliferation of social media scams alone.
The point of this article is to inform and educate you, not shame you. The typical person spends over 150 minutes daily on social media – and that is a global-based statistic, not an American-based one. People are beginning to live out their lives progressively more on the internet which also enables the potential for falling prey to social media scams.
Anyone can fall for social media scams. Billionaire industrialist Mark Cuban very recently lost over $900,000 to an online crypto scam, one of the most prevalent social media scams on the internet. If Mark Cuban can get scammed, then it can happen to anyone.
Here are four red flags you should watch out for when it comes to social media scams. Additionally, you will also get some advice on how to stay vigilant of such scams in an age where it seems like most people prefer the social media world over the real world.
Requests From Online Strangers Seeking Money Urgently
Scam artists are on social media just as much as you. Along with using algorithms to search for online targets who flaunt their wealth or money online, they also check out your connections and online friends.
An online scam artist could then lock a friend or relative out of their own social media account, pose as them, and then send you urgent messages for help and money. Depending on the relationship you have with the acquaintance, you might send the money without thinking.
Contact or call anyone close to you asking for money online before sending any money.
Attractive Strangers Offering Business Opportunities
The feeling of being alone is a problem that has been plaguing people long before the internet existed. If you are struggling with loneliness or depression, make sure that you consult with a mental health professional.
Unfortunately, the internet is designed to offer targeted advertising and content designed to cater to the prior searches of the user. In other words, we are all kind of searching for customized internet silos designed by our previous internet searches. The more that we search the internet, the further apart we get from each other as a people and society.
Over 71% of heavy internet users have reported feeling immensely more lonely than those who don’t peruse the internet heavily. The most sophisticated social media scams are now designed to scam lonely people.
Beware of anyone online who sends you attractive pictures, aggressively tries to befriend you, and tries to offer you a great business opportunity.
Aggressive Online Romancers
It’s the 21st century and people are more likely to meet via social media or email than in the real world. Over 40% of adults who date meet people online, on social media, or via dating apps now.
If you meet people online you still need to use the caution and common sense that you would in the real world. Everyone knows about the romance social media scams that have been targeting lonely people, divorcees, and senior citizens. Phony online romancers will sweet-talk victims out of hundreds or thousands of dollars before the victims wake to reality.
An unhappily married woman recently made headlines after reporting that an online scammer posed as Stranger Things actor Dacre Montgomery and wooed her online.
The scammer fleeced the victim out of $10,000, even though the real-life actor is a known celebrity. The victim wanted to believe it was Montgomery so much that she rejected reality. By the time she woke up to reality, the scammer ghosted her and she lost over $10,000.
Sextortion
Some online romancers are more cruel and vindictive. Many social media scam artists are using sextortion to shame people into sending them money. Sextortion is the scam practice of wooing a victim online, getting them to perform sex acts on video or take compromising photos, and then blackmailing the victim into sending money to keep the pics or videos from being sent to contacts or published online.
Sextortion is on the rise and scam artists are specifically targeting teens and young adults too. You should never engage in such activities, especially with strangers. Additionally, you should consider the consequences of engaging in such activities with people you’re casually dating who may become estranged and vindictive later.
Many scammers who use sextortion will bleed you out financially and then publish the compromising material anyway.
How to Protect Yourself from Social Media Scams
There are numerous ways to protect yourself from ever-evolving social media scams. After all, even billionaire Mark Cuban fell for these scams.
Adjust your privacy settings for your social media accounts. You can limit who can see your posts, your profiles, and who can comment on your posts. Restricting who can view your social media profiles can restrict social media scammers from cold contacting you.
Never send money to online strangers who ask for it. Don’t engage in compromising online or video activities with someone you have never met in the real world. Never trust an online stranger who aggressively wants to befriend or woo you.
Never make investments because an online stranger or someone sending you pics of pretty people asks you to.
Anything that sounds too good to be true is usually not true.
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Allen Francis was an academic advisor, librarian, and college adjunct for many years with no money, no financial literacy, and no responsibility when he had money. To him, the phrase “personal finance,” contains the power that anyone has to grow their own wealth. Allen is an advocate of best personal financial practices including focusing on your needs instead of your wants, asking for help when you need it, saving and investing in your own small business.