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AARP NC warns of social media scams: younger consumers are twice as likely to lose money

If you can spot a scam, you can stop a scam. Here are three things to look out for: celebrities, unknown request, investment opportunities.

GREENSBORO, N.C. — AARPNC’s post on Twitter says that 25% of successful scams originated on social media. The stat is from the Federal Trade Commission.

To add to that stat, the number of scam victims went from  46,000 people in 2020 to 95,000 in 2021. When you look at the money lost, the numbers are even more jaw-dropping, from $258 million in 2020 to $770 million in 2021.

Now, you may think because AARP posted this, all the victims are over the age of 50. Nope.

The FTC stats confirm reports of scams were up among all age groups, but consumers 18 years to 39 years were more than twice as likely as those ages 40 and older to report losing money to social media-induced scams.

An AARP volunteer talks about how to spot a scam and gives three points:

Don’t accept requests from people you don't know 

Celebrities that want to connect with you, are fake 

Anyone offering investment opportunities is a scam

The whole idea is, that if you can spot a scam, you can stop a scam.

  • More than 1 in 4 consumers who reported losing money to fraud in 2021 said it started on social media with an ad, post, or message.

  • Measured in dollars lost, about 25 percent of the money stolen in scams was obtained in scams that began on social media.

  • More than half of consumers who reported losses to investment scams in 2021 said the fraud started on social media.

As for the top three scams last year: 

    

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