Spotting Facebook Scams

Social media platforms have become a prime spot for scammers and imposters to use artificial intelligence (AI) technology for their benefit. Whether it be investment scams, ticket sale scams or giveaway scams, Facebook specifically has been impacted the most* by scammers, imposters and hackers. In this article, we illustrate how an investment scam works, highlight two other prevalent scams to keep in mind and give you steps to take if you think you’ve been impacted by a scam. 

An investment scam is when an individual receives a message from an old friend via Facebook about a  “too good to be true” opportunity. For example, you may be offered the opportunity to buy cheap cryptocurrency and receive outstanding returns. Here’s how it works: 

What to do: 

If you receive a message like this example, do not respond or click on any links they send, report the account, and raise awareness with your friends and family. Remember, when an opportunity sounds too good to be true, it usually is. 

Two other scams to keep in mind 

1. Giveaway scams – Scammers will incentivize individuals with free prizes or winnings. Before giving it to the individual, they may make them pay “taxes” or “shipping” and/or provide personal data to “claim” the prize. The individual will give their money and/or information and the scammer will disappear with it. 

2. Ticket sales scams – Similar to giveaway scams, ticket scammers will post a screenshot or QR code offering up a discounted ticket to an event. Excited fans will buy them and be left with no tickets and no way to get their money back. 

If you’ve been impacted by a Facebook scam, here are a few immediate steps to take: 

1. Report the profile or page* on Facebook. 

2. Contact the Federal Trade Commission (FTC) to file a complaint online* or by phone at 877-FTC-HELP (877-382-4357). 

3. Notify the financial institutions where you have accounts. This includes your bank, credit card companies, investment companies, insurance companies and brokerage firms. 

4. File a police report with your local police department. 

5. Change your Facebook and internet banking passwords. 

Learn more about how to avoid scams on the Facebook Help Center.* 

*Please Note: There are external links included in this article that will take you to a website that Bankers Trust does not control. Bankers Trust has provided these links for your convenience, but does not endorse and is not responsible for the content, links, privacy policy, or security policy of external websites.