That figure is only a fraction of the actual harm, as most cases of fraud go unreported, according to FTC scam data analysis.
Online fraudsters have taken billions of dollars from Americans in recent years and they are using social media to do it.Since 2021, Americans lost $2.7 billion in scams from social media, the Federal Trade Commission said in a scam report published Friday. And that figure is only a fraction of the actual harm, as most cases of fraud go unreported, the agency noted.
These scammers promote themselves as successful investors but are often just trying to trick people into investing in bogus apps or websites by promising huge returns, she said.The FTC report said Americans also often fall for so-called 'romance scams' via social media, in which case a stranger sends someone a friend request and soon starts asking for money.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ted Cruz puts FTC in its placeIn America, we strive to uphold a free market that's fair and open to all. We don't want the government to intervene to pick winners and losers. The only time we expect the government to intervene is when corporate giants unfairly rig the market in their favor.
Read more »
‘Project Nessie:’ FTC Lawsuit Claims Amazon Ran Secret Algorithm to Manipulate Prices and Expand ProfitsSource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
FTC Hearing: SAG-AFTRA, WGA Push for AI RegulationAt a hearing before the Federal Trade Commission the same day the union was negotiating with the AMPTP, Duncan Crabtree-Ireland emphasized a 'double standard' in the potential use of AI by companies.
Read more »
FTC probing artificial intelligence tools, eyeing potential crackdownThe Federal Trade Commission is scrutinizing artificial intelligence as the regulator known for its tussles with Big Tech looks to shape the development of new tools hitting the market.
Read more »
FTC rule would strangle small businesses and the economyBruce Thompson was the director of government relations at Merrill Lynch for 22 years.
Read more »
Amazon sellers sound off on the FTC's 'long-overdue' antitrust caseAmazon's massive third-party seller base anxiously anticipated the Federal Trade Commission's antitrust complaint, which was years in the making.
Read more »