Social Media Scams to Cost $2.1 Billion in Losses by 2025: Report
· Telemundo McAllen (KTLM)
Social media has become the preferred platform for scammers, enabling them to steal an astonishing $2.1 billion by 2025, according to an announcement made Tuesday by the Federal Trade Commission (FTC). The amount of money lost to social media scams has skyrocketed in recent years. Losses in 2025 are projected to be eight times higher than those in 2020, partly because scammers can now reach potential victims more easily through social media platforms. 'Social media provides access to billions of people worldwide, making it easier for scammers to operate at minimal cost,' the FTC stated in a release.