Social media scams skyrocket, especially on Facebook

Social media scams cost Americans a staggering $2.1 billion last year, eight times more than just six years ago. The Federal Trade Commission says nearly 30% of all people who reported losing money to a scam say it began on social media. Facebook was by far the leading platform for scams, with WhatsApp and Instagram “a distant second and third.” Leading scams in order involved investments, shopping and romance. All age groups, save for people older than 80, say they lost more money to schemes that began on social media than any other contact method, including phone calls and TV ads.