There is no denying that social media has become a part of our lives, with almost half of the world’s population being active on at least one social media platform. Every day we use social media and share our data, contact details, and sometimes sensitive information. Often we let the applications access all this information with little thought about what happens next. Organizations have been clamping down on the rising cost of social media fraud with software solutions performing the function of scanning and monitoring domains to help protect businesses from succumbing to the dangers of typosquatting.
Fraudsters can easily impersonate businesses’ brands, so it is essential that companies monitor absolutely everything – even an increase in customer complaints or negative social media comments can indicate an active typosquatting campaign is thriving. Social media can be a great tool because it allows people to connect and allows businesses to communicate with their customers and let them know what is currently happening.
However, there are also many disadvantages of using these platforms and not just for businesses. There is a much higher risk of identity theft and fraud happening in the social media and online world; and the scammer can easily scam users via social media channels without even realizing it.
How Social Media Fraud Works?
Social media fraud starts when an app accesses your information. For example, you are receiving the latest news about the company, or they are offering a new service.
Social media fraud is a growing problem where hackers exploit unsuspecting people online. Who would have thought that social media accounts could be hacked?
Once you log in to the app with your credentials; it is possible that these personal details can be stolen and used by different people, giving them access to all of your data.
Once criminals have access to these details, they can use them to their own advantage. For example, suppose you are using social media specifically for professional purposes (such as LinkedIn). In that case, this is the perfect way for criminals to get hold of your contact details and send emails on your behalf requesting money transfers or password resets.
7 Most Common Social Media Frauds
1. Using The Wrong Hashtags
Hashtags can be an incredible way of reaching an audience and increasing brand awareness, but using the incorrect hashtag is likely just to put people off.
There are tools available to identify the best hashtags to use, but it’s essential not only to consider the content of the hashtag when choosing one; it’s also vital to view which users are likely to search for that particular tag.
2. Unwanted Friend Requests
It can be irritating when you receive a friend request from a bot, which can indicate possible danger.
The user could be a scammer looking to gather personal information about you, or they may want to overload your feed with adverts and posts of their own. If you don’t know somebody very well, it’s best to deny the request if possible before reporting them altogether.
3. Scamming Others
Although it may seem like a victimless crime, there are many ways that scammers can scam people via social media channels. Victims could end out of pocket due to identity theft; or having their photos shared online without permission.
4. Sharing Information
It’s essential to remain vigilant when using Facebook and other social media platforms; it’s easy to be distracted by the allure of new gadgets or holiday destinations; and it can be tempting to share this information with strangers.
Also, once you’ve shared information online, it could end up being used maliciously; so it’s best not to give any personal details away.
5. When Meeting Users
Social media platforms are fantastic for meeting new people with similar interests. Still, it’s essential to take the same precautions in the real world as you would when dealing with strangers online.
It can be easy to develop an instant rapport with somebody over social media, but when you meet them face-to-face, there may be a slight disconnect in your feelings towards them.
6. Online Security
Unfortunately, this is one area where social media can be hazardous. Most people are aware of the risks associated with online data theft; but if you are not careful, they could steal your entire identity without you even realizing it. It’s important to keep passwords secure and avoid giving access to third-party apps whenever possible.
7. Phishing Attacks
To avoid being deceived by this type of online fraud; we must know what they are. Phishes typically take advantage of social engineering (manipulating people) and well-designed websites which seem real but have hidden flaws such as incorrect spelling or grammar mistakes on their login pages.
It could be tempting for someone who uses legitimate sites like Facebook every day. Others rely less heavily on its features; however, knowing these signs will help ensure our identities aren’t stolen without realizing; how close something may come to happen.
Social media has become so habitual in our lives that it’s easy to let your guard down. It’s crucial to have a backup strategy for when you lose access to your favorite social channels because there is no guarantee that they will be available forever.