According to an FTC report, by 2025, consumers will lose $2.1 billion to social media fraud.

Americans will lose $2.1 billion to social media fraud in 2025, according to a new report from the Federal Trade Commission (FTC). The agency reports that losses due to social media fraud have increased eight-fold and that social media fraud causes greater losses than any other method used to contact consumers.

Nearly 30% of people who reported losing money to scams said the scams started on social media. More people lost money due to scams on Facebook than on any other social media platform, with WhatsApp and Instagram coming in second and third. People also reported losing money to Facebook scams far more often than they reported losing money to text or email scams.

Data from the FTC shows that social media scams take many forms, with shopping scams being the most reported type of social media scam last year. More than 40% of people who lost money to social media scams said they ordered items they saw advertised, including clothing, cosmetics, car parts and even puppies. While many of these ads linked to unfamiliar websites, others sent people to fake sites for popular brands claiming to offer big discounts.

Another common type of social media scam involves investment schemes that start with ads or posts meant to teach people how to invest. Other scammers pose as friendly advisors or create WhatsApp groups full of fake testimonials. This type of investment fraud resulted in $1.1 billion in losses.

Additionally, nearly 60% of people who reported losing money to a romance scam in 2025 said it started on a social media platform. Scammers often tailor their claims to suit an individual’s profile and create a crisis situation where they will need money later. Or they inadvertently offer investment advice to lure you into a fake investment platform.

The FTC advises that users can protect themselves from social media scams by limiting who can see their posts and contacts, not allowing people they meet online to dictate their investment decisions, and by researching companies and products carefully before purchasing by searching their names along with the terms “scam” or “complaint.”