Over the years, social media has become more than a way to keep in touch and make new friends. It is now a powerful business tool. Unfortunately, it is also a tool for scammers to commit fraud. A few wrong clicks could result in scammers gaining access to your portfolio, collecting personal information, and stealing your hard-earned money.
Scammers take advantage of vulnerable people with poor knowledge of social media and blockchain. In 2021, more than half of people who reported investment losses due to scams said the fraud started on social media. You need to stay up to date with scams on social media and how to stay safe online.
1. E-commerce fraud – Scammers will pose as sellers offering a product that either doesn’t exist or will never get delivered to buyers. They often ask buyers to do business outside the platform where a product is listed, so you can’t report them for fraud. Buyers will also be required to use non-traditional payment methods such as cryptocurrency, wire transfers, or Paypal’s Friends & Family.
2. Phishing and security – Scammers pretend to be social media security bots to claim your account has security issues. Then they ask you to click a link to “help” you restore it. The link usually leads to you giving them access to your data.
3. Money-making schemes – Scammers will promote investment opportunities with high returns and ask investors to send money to cover the costs of investing or transferring funds. This scam often occurs in the form of a pyramid scheme where you have to recruit participants into the program.
4. Advance-fee scam – In this case, you will be offered a prize, but you’ll have to pay a “refundable” fee to get it. Of course, you’ll never receive the prize or refund.
5. Giveaways – Scammers may use images or videos of celebrities to promote giveaways. The catch is that you’ll need to send crypto to participate. This is an easy way for them to collect funds and disappear.
6. Message from a CEO – If you receive a social media message from someone claiming to be the CEO of a company you’re familiar with, beware that it’s a scam. CEOs don’t spend their time texting people on social media, and they would not be asking you for something.
Red flags to look out for
Here are some clues that may tip you off that something isn’t right:
1. Shortened links – Except for Twitter, which limits characters, shortened links on other social media platforms could mean that the person sharing the link doesn’t want you to know where it leads. You can check by inputting the link on whereitgoes.com.
2. Social media support – If you contact a company for help, you will need to do so via their website. These issues are not resolved on social platforms. If you receive a message that claims to be “support,” contact the company directly through their website instead of replying.
3. Limited time – If you have to sign up for a giveaway “today,” register for a group “within hours,” or anything else that requires you to “act quickly,” make sure you confirm this isn’t a scam project. Scammers make you act fast, so you don’t do your research, and they can move on to the next victim quickly.
4. Receiving random messages – If someone reaches out to you with an offer or asks how they can help you with something, be suspicious and check their profile to see if anything looks “off.”
Knowledge is key to safety on social media. Not everyone is out to scam you, but you should be careful when you notice multiple red flags.
Companies generally won’t ask for money or contact you personally on social media. When you reach out to them for support, they will usually direct you to their website.
Be careful doing business on social media, as it’s a lot easier for scammers to set up fake profiles, accounts, and websites.
Eliminate scams with REV3AL’s technology
REV3AL’s technology gives you an extra layer of security on social media. The multiple authentication factors help prevent scammers from accessing your personal information. REV3AL’s encryption technology ensures the highest level of protection from unauthorized attempts to access or distribute your digital assets.
REV3AL Digital Copyright Protection & Anti-Counterfeit Technology protects artists, creators, and owners of Intellectual Property across the digital spectrum and into the physical world.
REV3AL aims to become a standard for digital media security similar to GIA, the worldwide standard for diamond protection. Each diamond has a unique identifier etched with a laser to establish value and authenticity. This same principle has been missing from the Digital and NFT space until now.