The Federal Trade Commission has reported that social media ad scams caused more than $90 million in losses last year.
Nearly 30% of people who reported losing money said this began on social media. The FTC said this was an eightfold increase since 2020.
Reports also indicated that people reported losing more money to scams on Facebook than any other social media platform.
WhatsApp and Instagram were right behind the platform.
According to the FTC, wit the exception of those over the age of 80, all age groups reported losing more money to social media scams than any other contact method.
RELATED STORY | New consumer alert warns about scams targeting previously defrauded individuals
These scams also came in different forms.
There were investment scams which often started with an ad or post offering a program to teach you how to invest. Shopping scams, which were the most reported type of social media scam, with victims reporting they ordered items from sites that were impersonating well-known brands claiming big discounts.
In addition, nearly 60% of people who reported losing money to a romance scam in 2025 said it started on social media.
The FTC advises consumers limit who can see your posts and contacts on social media and never let someone you have met only on social media direct your investment decisions.
