FTC Data Shows Big Jump in Consumer Reports about Scams Originating on Social Media

Newly released data from the Federal Trade Commission reveal that there has been a surge in reports from people who say they lost money to a scam that started on social media, including a spike of these complaints in the spring at the height of the COVID-19 pandemic.

Data released by the FTC shows that the number of complaints about scams that started on social media more than tripled in the last year. People reported losing more than $117 million to this type of scam in just the first six months of 2020 compared to $134 million for all of 2019, according to the FTC’s latest Consumer Protection Data Spotlight.

Read the full news release.