Many people’s lives are permeated by social media; we use it to remain in touch with old friends, meet new ones, shop, and have a good time. However, according to reports filed with the Federal Trade Commission, social media is becoming a more popular place for scammers to swindle us. Moreover, one in every four persons who reported losing money to fraud in 2021 claimed the crime began with an advertisement, a post, or communication on social media. The research suggests that, in 2021, social media was significantly more profitable for fraudsters than any other technique of reaching out to potential victims, according to the data.
There is no doubt that social media has been a blessing. It has given us the ability to overcome the barrier of distance from our loved ones and friends. You may be surprised to know that the first social media platform emerged in 1997, developed by Andrew Weinreich. He named it Six Degrees. It was meant to connect people. This breakthrough paved the way for other social media platforms leading eventually to one of the most popular platforms, named Facebook. Since its inception, Facebook has grown to roughly 2.89 billion monthly active users in the second half of 2021. It is impressive and has made Facebook the social media platform with the highest number of users. Unfortunately, despite the significant benefits Facebook has, it has become the breeding ground of many online scams happening today.
The average age of victims of postal scams is 74 years old. More than half of those over the age of 65 believe they have been the victim of a scam. Adults aged 16 and over in England and Wales experienced an estimated 3.8 million fraud occurrences and 2.0 million computer misuse incidents during the fiscal year ended March 2016. Considering that there were a total of 6.3 million incidences of all other crimes over the same time period, including fraud and cybercrime, practically doubles the total crime figures by almost twofold. Bank and credit card fraud account for the vast majority of fraud instances (2.5 million). The vast majority of computer abuse occurrences (1.4 million) are caused by computer viruses, according to the FBI.
Despite this, the OFT estimates that less than 5% of scam victims disclose their experiences, making it difficult to adequately assess the scope of scams on a national scale. A third of elderly adults who have fallen prey to a scam may have lost £1,000 or more in the process. There have been numerous situations in which victims have suffered financial losses in the tens of thousands of pounds or even more than £100,000. According to the City of London Police, investors lost £9 million to pension scams between April and August 2015, more than double the amount they lost over the same time in 2014. Every year in the United Kingdom, an estimated £1.2 billion is lost to investment scams, with seniors over the age of 65 being the most vulnerable.
The Dangerous Effect Online Scams/Frauds Have on Victims
In 2021, more than 95,000 people reported over $770 million in losses as a result of fraud perpetrated on social media platforms. Those losses are expected to account for almost 25% of all reported losses due to fraud in 2021, representing an astonishing eighteenfold increase over the recorded losses in 2017. The number of reports has increased across all age groups, although persons between the ages of 18 and 39 were more than twice as likely as older folks to report losing money to these scams in 2021.
Scammers have a lot to like about social media, and they have a lot to like about it. It is a low-cost method of reaching billions of individuals all over the world from any location. In order to defraud people, scammers can create a fictitious character, or they can hack into an existing profile and recruit “friends.” By analyzing the personal information that people disclose on social media, they may fine-tune their approach to suit their needs. In fact, scammers may simply make use of the tools accessible to advertisers on social media sites to systematically target people with fake advertisements based on personal information such as their age, interests, or previous purchasing history.
According to reports, social media is a tool used by scammers in investment scams, particularly those involving fictitious cryptocurrency investments. This area has witnessed a significant increase in the number of reports in recent months. More than half of those who reported losses due to investment scams in 2021 stated that the scam began on social media platforms. According to reports filed with the Federal Trade Commission, scammers utilize social media platforms to promote fictitious investment possibilities and even to communicate with people directly as fictitious friends in order to persuade them to invest. People donate money, frequently in bitcoin, with the expectation of receiving massive returns, but they end up with nothing in return.
Scams/frauds are the worst betrayals and violations of trust – they go beyond the loss of funds. As a result, many victims suffer from social problems such as loss of reputation, vulnerability, isolation, and exposure. In addition, fraud impacts a victim’s mental health, resulting in anxiety, depression, and suicide. Of course, nobody plans to be scammed; it is not your fault, and General Funds Recovery wants to help you get back on your feet. According to the findings of the study, scam victims experienced a decrease in life satisfaction, significantly higher levels of worry, and worse levels of enjoyment. It was also connected with people self-reporting poorer general health, albeit to a considerably lesser extent than the other variables.
The Infamous Nigerian Facebook Scam
This menace continues to grow despite the developers of Facebook trying to control it. Anytime Facebook scams are talked about, various names of countries pop up, but the country that is always on top of the chart in Nigeria. Many victims have fallen to these scams from unscrupulous people on Facebook claiming to be what they are not. This article will look at Nigerian Facebook scams and how to avoid this pitfall. Facebook is undoubtedly one of the safest places on the internet, thanks to its extensive set of security and privacy features and controls. However, when credentials are compromised, even on social media sites like Facebook, not everyone is who they claim to be. It’s like a Nigerian fraudster appearing as one of your real-life friends, but only barely convincingly, and attempting to fool you into sending them $900 by wire transfer.
How a Nigerian Facebook Scam Works
The scammer will take over one of your friend’s accounts and impersonate them. Then, they will try to convince you to wire funds. They prefer transactions through Western Union or MoneyGram because those transfers are irreversible. They may come up with an excuse of being stranded somewhere, having expensive medical bills, dying relatives, or being in debt.
Lost money to online fraud? We will recover your funds !
Tips To Avoid Being A Victim of The Nigerian Facebook Scam
Ignore messages asking you to reset your account and password
This scam has surfaced since the internet came to be, with people starting to use it for businesses and other activities. Phishing involves stealing personal details and using them for other criminal activities or selling them in exchange for money. This scam has existed for so long that many refer to it as the mother of all online scams. This Facebook scam comes in the form of these criminals posing themselves as from Facebook. They then tell you your account has an issue, so you need to log out and log in again. These individuals then send you a link purporting to be the link that will enable you to reset your Facebook account. Unfortunately, when you fall for this and use this link, your account name and password will show up at their end. These criminals then log into your account and change your Facebook name and password, denying you access to your account. They will then do whatever they want with your details and pictures.
Recognizing these frequent indicators of a scam may assist you in avoiding becoming a victim of one. Scammers frequently claim to be from the government and contact you on their behalf. They may use a legitimate name, such as the Social Security Administration, the Internal Revenue Service, or Medicare, or they could make up a name that sounds official. Some pretend to be from a company you are familiar with, such as a utility provider, a technology company, or even a charitable organization, and they beg for donations. They make use of technology to alter the phone number that shows on your caller ID when they call you. As a result, the name and phone number you see may not be genuine. They might tell you that you’re in trouble with the authorities. Alternatively, you may be in debt. Alternatively, someone in your family experienced an emergency. Alternatively, it could be that your machine has a virus on it.
Some scammers claim that there is an issue with one of your accounts and that you need to provide additional information to resolve the problem. Others will tell you that you have won money in a lottery or sweepstakes but that you must pay a fee in order to receive it. Con artists want you to act before you have the opportunity to think. If you’re on the phone with them, they might advise you not to hang up so you won’t be able to check out their narrative further. Your rights may be threatened with arrest, a lawsuit, the suspension or revocation of your driver’s or business license, or deportation. Some people believe that your PC is about to become corrupted.
Recognizing these frequent indicators of a scam may assist you in avoiding becoming a victim of one. Scammers frequently claim to be from the government and contact you on their behalf. They may use a legitimate name, such as the Social Security Administration, the Internal Revenue Service, or Medicare, or they could make up a name that sounds official. Some pretend to be from a company you are familiar with, such as a utility provider, a technology company, or even a charitable organization, and they beg for donations. They make use of technology to alter the phone number that shows on your caller ID when they call you. As a result, the name and phone number you see may not be genuine. They might tell you that you’re in trouble with the authorities. Alternatively, you may be in debt. Alternatively, someone in your family experienced an emergency. Alternatively, it could be that your machine has a virus on it.
Some scammers claim that there is an issue with one of your accounts and that you need to provide additional information to resolve the problem. Others will tell you that you have won money in a lottery or sweepstakes, but that you must pay a fee in order to receive it. Con artists want you to act before you have the opportunity to think. If you’re on the phone with them, they might advise you not to hang up, so you won’t be able to check out their narrative further. Your rights may be threatened with arrest, a lawsuit, the suspension or revocation of your driver’s or business license, or deportation. Some people believe that your PC is about to become corrupted.
Be careful when accepting friend requests
Ever heard of stranger danger?! Do not accept a friend request from people you do not know. It should be your number one rule on Facebook. These scammers usually send a lot of friend requests around in hopes of getting their next victim. So try as much as possible to delete or reject these requests from unknown individuals. In some instances, these individuals make friends with some of your friends; you should make a background check on these individuals to look genuine. These fake accounts usually have a minimal number of pictures, lacking a lot of content.
Change your Facebook account to private
It is one of the effective ways of avoiding being scammed. In addition, changing your account status to private protects and locks your account; this hides your account from individuals who are not on your friend list.
Be extra vigilant
Facebook has over 2.89 billion monthly users using this platform. Just like how you will be vigilant in the real world, be extra careful with adverts, links, and invites that propose you engage in certain activities. Or ads that say you will win rewards that seem over the top. Before taking action or going in for an opportunity, you come across it on Facebook. Do a good background check on these companies and individuals.
Are you a victim of the Nigerian Facebook scam? Contact GeneralFundsReclaim.com today
