5 Ways Fraudsters Are Trying To Scam You on Social Media

When scrolling through our social media accounts, many of us have noticed a stranger drop into our DMs.

It happens every day while using the web — and while a simple message may seem harmless, experts say an abundance of caution is your friend in the online world. Without it, you could end up losing a lot of money .

“Social media platforms have become a fertile ground for fraudsters who exploit the trust and connectivity these platforms offer,” said Todd Redding, owner of Probity Investigations , a leading state-licensed professional private investigation agency.

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Below are the some of the most common types of social media scams and some ways you can protect yourself from falling victim to these scams .

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Phishing Scams

Phishing scams involve fraudulent messages that trick users into clicking on malicious links.

“These links often lead to fake login pages that closely resemble legitimate websites, where users unknowingly enter their credentials, allowing scammers to steal their personal information,” Redding said.

These scams can also involve fake notifications about account issues that require immediate attention.

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Impersonation

“Scammers create fake profiles mimicking friends, family or well-known brands to gain the trust of users,” Redding said.

They might use these profiles to solicit money, request sensitive information or spread malware.

“These impersonators can be very convincing, often copying photos and personal details from the real accounts,” Redding explained.

Romance Scams

According to Redding, fraudsters also exploit people’s emotions by creating fake profiles on dating sites and social media platforms.

“They build relationships over time, gaining their victims’ trust and affection, before fabricating a crisis that requires financial assistance,” he said.

These scams can be emotionally and financially devastating, Redding explained.

Giveaway and Prize Scams

These scams promise users prizes or large sums of money in exchange for personal information or an upfront fee.

“The scammers often claim that the user has won a contest or lottery that they didn’t enter, and they need to pay a fee or provide personal details to claim their prize,” Redding said.

These scams are prevalent on social media. Per Identity Guard , “In one common scam, fraudsters create a fake Facebook page for a familiar company, state lottery, or sweepstakes, and either post offers for free prizes or send victims direct Facebook messages (DMs) claiming they’ve won.”

Investment and Cryptocurrency Scams

With investment and cryptocurrency scams, fraudsters lure victims with promises of high returns on investments, often involving cryptocurrencies.

“They use sophisticated pitches and fake testimonials to convince users to invest in non-existent or fraudulent schemes, resulting in significant financial losses,” Redding explained.

And scammers can try to target social media users with these types of scams. “If someone in your network suddenly starts sending messages about investing in cryptocurrencies, their account could be hacked,” Identity Guard said.

Red Flags To Look Out For

Recognizing the warning signs of social media scams is crucial for staying safe online. Redding said the first key red flag to watch out for is unsolicited messages.

“Be cautious of messages from unknown individuals or entities, especially if they contain links or attachments,” he said. Scammers often send out mass messages hoping to catch a few unsuspecting victims.

Another red flag is requests for personal information. Any unsolicited request for personal or financial information should be treated with suspicion, according to Redding. “Legitimate organizations will rarely ask for sensitive details through social media,” he said.

A more concerning red flag involves the use of urgent or threatening language, as scammers frequently use this type of language to create a sense of panic and prompt immediate action. “Be wary of messages that demand quick decisions or use scare tactics,” Redding said.

Also be on the lookout for poor grammar and spelling. “Many scam messages are poorly written, containing obvious grammatical errors and misspellings,” Redding said. “While not all scams are poorly written, this can be a telltale sign.”

And a more obvious red flag is “too good to be true” offers, according to Redding.

“If an offer seems too good to be true, it probably is,” he explained. “Be skeptical of promises of free money, gifts or high returns on investments with little to no risk.”

Steps You Can Take To Protect Yourself From Scams

According to Redding, there are several steps individuals can take to protect themselves from social media scams.

The first he recommended is verifying identities. “Before responding to messages or accepting friend requests, verify the identity of the person or organization contacting you,” he said. This means checking for inconsistencies in their profile and searching for any signs of a fake account.

He also advised individuals avoid clicking on suspicious links. “Do not click on links in unsolicited messages,” he said. Instead, he suggested hovering over the link to see the URL and ensure it leads to a legitimate website. When in doubt, navigate to the site directly through your browser.

Another way to protect yourself from potential scams, according to Redding, is to enable two-factor authentication. “Adding an extra layer of security to your accounts can prevent unauthorized access,” he said. “[Two-factor authentication] requires a second form of verification, such as a code sent to your phone, making it harder for scammers to breach your account.”

After following the above steps, remember to make it a point to update your privacy settings. “Regularly review and update the privacy settings on your social media accounts to control who can see your information and posts,” Redding said.

He also emphasized the need to limit the amount of personal information you share publicly. And finally, he said to utilize the reporting and blocking features on social media platforms to deal with suspicious accounts. “Reporting helps the platform take action against scammers, while blocking prevents them from contacting you again,” he explained.

This article originally appeared on GOBankingRates.com : 5 Ways Fraudsters Are Trying To Scam You on Social Media