October 6, 2023 By Sergiu Gatlan
The Federal Trade Commission says Americans have lost at least $2.7 billion to social media scams since 2021, with the actual number likely many times larger due to severe under-reporting.
A recent study reveals that only 4.8% of scam victims filed complaints with either the Better Business Bureau or a government agency.
"Reported losses to scams on social media during the same period hit a staggering $2.7 billion, far higher than any other method of contact," said Emma Fletcher, a Senior Data Researcher at the FTC.
"And because the vast majority of frauds are not reported, this figure reflects just a small fraction of the public harm."
