New FTC Data Show People Have Lost Billions to Social Media Scams (opens in new tab)

New data from the Federal Trade Commission show that, in 2025, nearly 30% of people who reported losing money to a scam said that it started on social media,with reported losses reaching a staggering $2.1 billion.Social media scams produced far more in losses—an eightfold increase since 2020—than any other contact method used by scammers to reach consumers, according to the new data.The Data Spotlight notes that social media creates easy access to billions of people from anywhere in the world...