In 2022, social media-based scams cost Americans a total of $1.23 billion, a 54% increase since 2021, according to the Federal Trade Commission.
Typically, these sorts of scams start with someone claiming to be a mutual acquaintance of someone you know, or relative. Then, they either ask for financial assistance, or claim they can offer you help, such as providing a “new investment opportunity.” If you’re approached by someone online with an offer that seems “too good to be true,” it very well might be.