Social media scams cost Americans more than $2.1 billion last year, according to the FTC

TLDR

• Americans lost $2.1 billion to social media scams in 2025, an eightfold increase since 2020, with Facebook the top starting point.

Key Facts

• The FTC reports $1.1 billion lost to fake investment scams, often using fabricated groups of “successful investors.”
• Facebook accounted for $794 million in losses; WhatsApp and Instagram ranked a distant second and third.
• Nearly 30% of all scam reporters said the con began on social media; 60% of romance scam victims said the same.
• Shopping scams affected 40% of reporters, who ordered items from ads leading to unfamiliar or fake websites.

Why It Matters

• Every age group except those 80 and over was affected, countering the assumption that only older users fall for social scams.
• The eightfold growth since 2020 suggests social platforms remain an effective and largely unsolved vector for financial fraud.

Scott Younker, Tom’s Guide · 2026-04-27 · Read the original