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☆ Americans have been scammed out of $2.7 billion in 2.5 years on social media—7 red flags to look out for
  + stars: | 2023-10-12 | by ( Tom Huddleston Jr. | ) www.cnbc.com   time to read: +1 min
Americans lost $2.7 billion combined to scams originating on social media between January 2021 and June 2023, says a new report from the Federal Trade Commission. The methods are aplenty, from romance scams to fake merchants, or fraudsters who take over your social media profiles and con your friends out of money. In some cases, scammers even create advertisements — using each social media platform's own tools — to target users based on age, interests and past purchases. Those younger users' tech savvy can end up working against them, David McClellan, CEO of cybersecurity startup Social Catfish, told CNBC Make It last year. "These people are overly trusting of the technology they're using, and they're more apt to respond to a stranger messaging them," McClellan said.
Persons: David McClellan, McClellan Organizations: Federal Trade Commission, FTC, CNBC
☆ Kids today are 'overly confident' about their skills online—losing $101.4 million to hackers last year
  + stars: | 2022-10-26 | by ( Tom Huddleston Jr. | ) www.cnbc.com   time to read: +1 min
But being digital natives doesn't make them immune to online scams. That's compared with just $8.3 million in 2017, marking a nearly 1,126% increase in just four years — larger than any other age group in that same period. "That was actually super surprising for us to find out," David McClellan, Social Catfish's founder and CEO, tells CNBC Make It. Part of that increase can likely be attributed to the pandemic, which has seen an overall surge in online scams for all age groups compared to previous years. People over the age of 60 are still losing the most money to online scams, by far: nearly $1.7 billion combined last year, according to the FBI.
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