FTC: US consumers lost $770 million in social media scams in 2021 up 18x from 2017
“Consumers in 2021 reported losing about $770 million to fraud initiated on social media—about one fourth of all reported fraud losses for the year and an 18-fold increase from 2017, according to the Federal Trade Commission’s latest Consumer Protection Data Spotlight. Of those who reported losing money to fraud in 2021, more than 95,000 indicated …