Facebook is the top social media platform for scam initiations, says new FTC report

SAN FRANCISCO (KGO) -- A new report from the Federal Trade Commission shows almost 30% of people who lost money to scams last year said it all started on social media.

Social media was the number-one method of communication for scammers, producing more losses than texts, calls or emails.

In all, consumers lost $2.1 billion -- eight times more than the amount lost in 2020.

Of the social media platforms, Facebook was the top site for scam initiation. WhatsApp and Instagram came in a distant second and third.

The FTC advises users to limit how public their social media profile is -- encouraging people to make more of their personal information private -- or only visible to known friends.

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The FTC also says never let someone you've only ever met on social media influence what you do with your money, including where to invest it. Investment scams led to $1.1 billion of last year's reported losses.

And finally, if you see an advertisement on social media for a product you'd like to buy, Google the company name or reverse image search the product.

Remember -- only buy from websites you know and trust. Shopping scams account for 40% of people who lost money to a scam on social media.

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