U.S. sees trend in scams spreading through social media

October 23, 2020

New data by the Federal Trade Commission shows an upward trend in scams originating on social media platforms. Romance scams have been especially popular since the COVID-19 pandemic began, with other common scams including phony giveaways and fake grant opportunities. While the prevalence of social media scams has been a trend over several years, reports indicate that consumers lost nearly $117 million from more than 24,000 scams during the first half of 2020.