With more than 4.9 billion people using social media worldwide, fraudsters are taking full advantage of these platforms to steal consumers’ personal and financial information. In fact, according to the Federal Trade Commission (FTC), consumers reported losing over $1.9 billion to social media scams in 2024 alone. As these schemes grow more sophisticated, it’s important to stay informed and protect yourself online.

What Are Social Media Scams?

Social media scams are fraudulent schemes that take place on platforms like Facebook, Instagram, X (formerly Twitter), TikTok and LinkedIn. These scams are designed to trick users into sharing personal information, clicking on malicious links or making financial transactions that benefit the scammer. Because social media encourages connection and sharing, it’s an ideal environment for fraudsters to exploit trust and familiarity.

Common Types of Social Media Scams

Understanding the types of scams you may encounter can help you avoid becoming a target. Here are some of the most common:

1. Phishing Messages and Fake Links. Scammers may send direct messages or post links that appear to be from a trusted friend, influencer or business. Clicking on these links can lead to fake login pages or malware downloads designed to steal your personal information.
2. Impersonation Accounts. Fraudsters often create fake profiles pretending to be a company, public figure or even someone you know. These accounts may promote giveaways, investment opportunities or urgent requests for money.
3. Investment Scams. These often promise quick, high returns on cryptocurrency or other financial investments. Scammers may use fake testimonials and screenshots to appear legitimate.
4. Romance Scams. Scammers build online relationships with victims and then ask for money, often claiming an emergency or unexpected expense.
5. Job or Prize Offers. Be wary if you receive a message saying you’ve won a contest or have been selected for a remote job, especially if it requires you to pay a fee or provide banking information.

Red Flags

Spotting a scam early can make all the difference. Here are a few warning signs to keep in mind:

1. Too Good to Be True Offers. Be cautious of posts promising large financial returns, free money or luxury items for little to no effort.
2. Urgency or Pressure. Scammers often create a sense of urgency, claiming your account is in danger or an opportunity is for a limited time only.
3. Requests for Personal Information. Be skeptical of messages asking for banking details, Social Security numbers or account passwords.
4. Poor Grammar and Spelling. Many scam messages contain awkward language, typos or formatting issues.
5. Unverified Accounts. Look for verified badges on business and public figure profiles. Fraudulent accounts may appear to be newly created or have very few followers.

How You Can Protect Yourself

To reduce your risk of falling victim to social media scams, take these precautions:

1. Strengthen Your Privacy Settings. Limit who can see your posts, send you messages or access your personal information on each platform.
2. Avoid Clicking Suspicious Links. If a message or post seems off—even if it appears to come from a friend—verify it through another method before engaging.
3. Use Strong, Unique Passwords. Consider using a password manager and enabling multi-factor authentication on your social media and financial accounts.
4. Report Suspicious Activity. Use the platform’s tools to report fake profiles, phishing attempts and scam posts.
5. Stay Informed. Follow trusted sources like the FTC, your bank and cybersecurity experts for the latest scam alerts and safety tips.

Busey is Here to Help

At Busey, we’re committed to helping our clients protect their financial well-being. If you believe you’ve been the victim of fraud or a scam on a Busey account, contact our Customer Care team, reach out to your Relationship Manager or visit your local Banking Center to place a fraud alert on your account. You can also read our Fraud Prevention FAQs for more information or check out our Fraud Prevention Toolkit.