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Social Media Scams Are Trending, Ads Are at The Center of Their Success

Online scams are getting down to business. And they’re advertising, too. Between 2021 and 2023, social media scams were a booming business. Americans alone lost $2.7 billion to scams originating from social media. The Federal Trade Commission (FTC) reported that the majority of people affected were 18-19-year-olds, attributing this finding to the greater amounts of time younger users spend on social media. But as art imitates life, so often do fake social media accounts and convincing social media ads from hacked ad accounts (we’re looking at you, Meta).

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