Social Media and 2023 the Year of Investment Scams in the US
In the year 2023, how the United States witnessed a remarkable increase in investment scams, particularly leveraging social media platforms to exploit unsuspecting individuals.
In reported losses in the United States alone, investment scams accounted for over $4.6 billion. This has made the year most significant category of financial fraud. Compared to previous years, the figures show a significant surge underlining a growing trend in fraudelent activities targetting investors.
The losses among people over 60 have increased tenfold, from about $98 million in 2020 to over $1.2 billion in 2023, indicating that the senior population has been especially impacted.
The younger demographics, especially aging 18-34 reported high cases of encountering suspected investment scams on social media platforms.
A big part of the scams are now perpetrated through social media channels where scammers can easily promote unverified financial opportunities. It's a troubling trend as social platforms that facilitate interactions also become breeding grounds for such activities.
Scammers often use sophisticated tactics to attract victims including creating professional-looking websites and employing social engineering techniques to build trust and lure larger investments.
It's important for social media platforms to enhance their verification processes concerning financial advertisements in order to protect users from fraudelent schemes.
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