Facebook, one of the popular social media platforms, continues to register an increase in the number of users. The number of users of the social media platform increased from 1,441 million in Q1 2015 to 2,936 million in the first quarter of 2022. However, the presence of such a huge number of users appears to be offering a golden opportunity for fraudulent activities and hacking. Facebook has alerted its users to beware of cybercrimes and not be enticed by offers of any app on Android or iOS. Simultaneously, Facebook is making efforts to have the apps removed from Google Play Store and Apple App Store.
According to data from the Federal Trade Commission (FTC), scammers are frequently using social media to engage in fraudulent operations to siphon money from users’ accounts.
Hacking a social media account is the most convenient way for scammers to reach the maximum number of people globally. Investment in cryptocurrency is one of the most famous hoaxes, with ads and posts starting on social media. In the current scenario, social media and cryptocurrency are a combustible combination of fraud. According to the FTC, nearly 26% of crypto scams began on Facebook in 2021 and are increasing at a rapid pace.
Users are advised to remain cautious and avoid falling for appealing ads and offers on social media to protect themselves from such scams.
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