46.7% have been victims of online shopping scams on social networks: GoodFirms Survey 2022
Scammers use social engineering techniques to exploit human psychology
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WASHINGTON DC, WASHINGTON, USA, June 30, 2022 /EINPresswire.com/ — GoodFirms, an internationally renowned research, rating and assessment platform, has recently released its new survey report-‘Social Media Scams: Mind-blowing Stats and Tips to Protect Yourself‘. The purpose of this research is to alert social media users and online businesses to vile social media scams that pose a significant challenge to user safety. The survey also details best practices and tips for protecting against different categories of scam attempts.
The research begins by analyzing the current state of social media scams that are proliferating in a structured manner with the addition of highly sophisticated scam techniques including automated attack tools.
“The scam world has become more structured, highly organized and targeted. Thanks to digital skills, crooks are now better equipped to easily attack specific and larger groups,” says GoodFirms.
Scammers, with malicious intentions, use techniques such as social engineering, phishing, and hacking as potential tools to steal money or personal information from targeted victims. The investigation further claims that scammers exploit inherent human traits and flaws in human behavior to lure and dupe unsuspecting victims.
Each scam is an exploitation of a particular trait of human behavior. (Good Companies)
The survey reveals the most common social media scams that tricked users out of their money or sensitive personal data. The list includes investment scams, romance and dating scams, online shopping scams, lottery scams, identity theft scams, free gift card scams, , Phishing Link Scams, Inheritance Scams, Tax Scams, Ghost Brokers, Post Covid Vaccine Survey Fraud, Crypto Scams and many more.
Of the list of scams mentioned above, online shopping scams affected the largest number of respondents, with 46.7% saying they had been victims of online shopping scams. Fake news scams, phishing scams, gift cards, and employment scams are other categories that have a serious impact on social media users. The cryptocurrency segment is also witnessing boosted scam activities.
There is also growing negative sentiment regarding the abilities of social media giants to protect users from scammers. 63.3% believe that the scams that are proliferating on social media platforms are proof of the failure of social media company policy. For example, social media platforms have failed to prevent the spread of fake news on their platforms, nor have they failed to detect and ban social media accounts of scammers posing as social media influencers.
53.3% of respondents have encountered a social media influencer with a massive following but promoting counterfeit products, risky financial services, etc.
The research also explores how scammers defraud genuine social media influencers by posing as brands looking for collaborations.
The GoodFirms survey also explored a few factors that keep people from falling victim to scams. Cognitive potential, caution, duration on social media platforms, knowledge of security measures and usage habits are the main factors listed by GoodFirms that protect social media users from scam attempts.
The research also provides detailed and specific advice for avoiding various categories of scams and emphasizes how reporting scams to authorities and being vigilant are key to protecting yourself on social media. GoodFirms concludes that the deployment of social media monitoring tools can help online businesses stay safe amid increased fraudulent activity by scammers.
–Social media has become the go-to place for fraudsters and cybercriminals to launch vicious fraud attacks.
–26.7% of people surveyed by GoodFirms experienced a scam but did not lose money, and 21% said they lost money to scams initiated on their social media accounts .
–36.7% were offered fake gift cards on social media and 13.3% bought a fake lottery ticket via social media that never materialized.
–30% said they had been victims of employment scams, 36.7% had been victims of a phishing link scam, and 33.3% had been duped by scammers posing as their acquaintances to help them financially in a false emergency scenario.
–26.7% of respondents have encountered targeted advertising scams.
–16.7% of respondents said they had been victims of investment scams that started on their social media accounts
–6.7% said they had been victims of a romance scam on social networks.
–23.3% experienced cloning or hacking attempts on their social media accounts
–Leaving the platform would be the first reaction of 26.7% of social media users rather than opting for safety measures in case they fall victim to social media scams.
–28.9% didn’t report scams because they don’t know the exact process for reporting a scam.
–46.7% said they were careful enough to differentiate genuine interactions from fake ones (scams) on social media.
–Regular social media audits are formidable measures against social media fraud.
About the search:
This research titled: “Social Media Scams – Mind-blowing Stats and Tips to Protect Yourself” is based on the survey conducted between June 1, 2022 and June 8, 2022. A total of 560 selected participants comprised of social media users, social media experts, online businesses, and social media influencers, responded to the survey. Respondents also recounted their encounters with scammers on social media and shared details regarding their victimization by social media scams. The survey analysis reveals the most prevalent categories of social media scams and explores their modus operandi.
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