Scams Are A Problem

Scams are a problem now on social media. Even while social media users are getting better at recognizing fraud, many still need to be on guard, according to a recent exclusive TechRadar Pro survey.

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First, respondents were questioned about the social media sites they frequented. With slightly under 80% of users active, Facebook emerged as the winner. Next was Instagram with 68.1%, followed by Tiktok and Twitter with just under 50% each (49.8% and 47.5%, respectively), which were nearly tied for the third position.

The final two popular sites were LinkedIn and WhatsApp, with 35.8% and 33.4%, respectively. 3.7% of respondents claimed to use no social media, while 6.6% claimed to use them in addition.

 

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Scams are a problem: fraud detection

The findings concerning the frequency of scams on social media sites were fairly evenly distributed. Over a third stated they encountered them once each day, and over a quarter said they did so once per week. Only 15% of respondents said once a month, while only 35% said once or less a month.

Since the epidemic, social media scams have become more prevalent, peaking in 2021 and continuing into this year. Unsurprisingly, peak sales times like Black Friday and the holiday season frequently see an upsurge in scams being committed.

Fortunately, the majority (30.9% and 34.4%, respectively) were confident or extremely confident that they could identify them. Only 10% indicated they were not very, while 25% claimed they were only a little bit.

However, other investigations have indicated that a sizable number of users fall for well-known social media frauds, such as phishing campaigns and phony gift card offers, suggesting that this confidence may be misguided.

Scams involving cryptocurrency have been more prevalent recently on social media. Advertisements for phony exchanges will tout “investment opportunities,” promising to greatly boost a victim’s pocketbook. Some have even used videos of Elon Musk talking about cryptocurrency to entice customers.