Social media scams cost consumers billions

Consumers lost an estimated $2.1 billion to social media scams in 2025, marking an eightfold increase and surpassing all other scam contact methods. The Federal Trade Commission reports that nearly 30% of reported scam losses originated on social platforms, with Facebook being the most prevalent. Scams ranged from fraudulent online shopping ads to investment schemes and romance fraud, with investment scams alone causing $1.1 billion in losses. The FTC advises users to limit post visibility, avoid online investment advice, and thoroughly research companies before purchasing.