Young Adults Most Impacted by Social Media Fraud, Says FTC

Online shopping is a primary source of scams among young adults, with social media being the primary source, according to the Federal Trade Commission. Social media-related fraud reached over $1.2 billion last year, up from $42 million in 2017. Nearly 40 percent of fraud loss reported by adults ages 18 to 29 originated on a social media site. While younger people report lower losses to scams than older adults, experts warn that scammers often use credit card information for larger schemes, such as buying gift cards or cryptocurrency or selling personal information. The FTC has ordered social media companies, including TikTok and Meta Platforms, to provide information on how they vet advertisers on their sites.