Solving Social Media Scams

Covid-19, human trafficking, homelessness, distracted driving... There are many epidemics going on around the world everyday, but one often overlooked issue is the prevalence of social media scams. Did you know that “Americans lost $2.7 billion combined to scams originating on social media between January 2021 and June 2023, says a new report from the Federal Trade Commission” (Huddleston, 2023, p. 1). To scam that much money, scammers have thought of many interesting methods of financial fraud , “from romance scams to fake merchants, or fraudsters who take over your social media profiles and con your friends out of money” (p. 1). However, potential solutions to social media scams include the development of an application designed to identify scams, providing education on avoiding such scams, improved platform security, and collaboration with law enforcement.

A potential solution to social media scams include the development of an application designed to identify scams. The "Anti-scam software” helps by “constantly monitoring the data accessed and sent from your device, as well as “detect real-time threats such as spyware, adware, viruses, or other malware that scammers might try to install on your device through malicious links or emails” (“10 Best Anti Scam Apps”, 2024, p.1). Some people believe that the software isn’t worth the price (Aura | complaints | better business bureau® profile. (n.d.) p. 1). However, there are more good reviews supporting the fact that the software is effective and useful, and lowers the chances of people getting scammed (“AURA”, 2024, p.1). For example, based on the article “10 Best Anti Scam Apps”, one of the best anti-scam software is Aura. According to a review by Techradar, “Aura has a neat interface to monitor essential financial vulnerabilities, such as bank accounts, and identity theft records. The upfront pricing is refreshing, it is simple to use, and Aura even includes a password manager, VPN, and antivirus to make its security solution an even more compelling deal” (p. 1). Social media scams can be less of a risk using anti-scam software, but it is not the only solution.

A potential solution to social media scams include providing education on avoiding such scams:

While the economic fallout caused by COVID-19 has led to a significant rise in tips, complaints and referrals involving investment scams, new research from the FINRA Investor Education Foundation (FINRA Foundation) and the Center for Economic and Social Research (CESR) provides evidence that repeated exposure to concise, online educational interventions can reduce susceptibility to investment fraud among U.S. adults. “Our research suggests that short, easily scalable online education programs can meaningfully reduce adults' susceptibility to investment fraud—and that these effects can persist with repeated exposure”, added CESR researcher Jeremy Burke. (Williams, 2021, p. 1)

Further research supports the fact that online education programs reduce the risk of susceptibility to social media scams, which is another main solution to the pandemic of fraud.

In addition, a potential solution to social media scams include improved platform security. Enhancing security measures on social media platforms to prevent unauthorized access to user accounts, reduce the spread of fake accounts and pages, and minimize the occurrence of phishing attacks and cyber threats. Implementing two-factor authentication drastically “reduces unauthorized access to user accounts”, as evidenced by a study published in the Journal of Information Privacy and Security (Lange, R., & Burger, E. W., 2017, p. 1). Furthermore, increasing the utilization of “AI and machine learning for disinformation detection” can be effective in identifying and eradicating fake accounts and pages, as highlighted in an article from MDPI (Santos, 2023, p.1). These strategies show great promise in fortifying the security of social media platforms and safeguarding users from prevalent online scams, however it is not the only solution to online scams.

Lastly, collaboration with law enforcement is a solution to social media scams. Fostering collaboration between social media companies and law enforcement agencies to investigate and prosecute individuals or groups engaged in social media scams, dismantling organized fraudulent schemes. For instance, if someone faces with black mail, theft, or (s)extortion on social media, the Digital Forensics Corp can help “locate criminals and stop blackmail” (“Digital Forensics Corp” pg. 1). The agency provides help/consultation, cyber security, litigation support, tips on how to deal with blackmail, etc. Their services “have a success rate of more than 90 percent for keeping these criminals from ever sharing… clients’ personal and private images and information” (1). Including collaboration with law enforcement like the Digital Forensics Corp will reduce the risk of social media scams and other sorts of illegal activity.

As a result, studies prove that an application designed to identify scams, providing education on avoiding such scams, improved platform security, and collaboration with law enforcement are solutions to social media scams. However, the best solution to the scamming epidemic is education. There is more research supporting that providing education on identifying scams is more effective than the other solutions. The more people who are educated on identifying scams, the less people will fall for the scams and teach others in the process.

References

10 Best Anti Scam Apps. 10bestantivirusproviders.com. (2024). https://10bestantivirusproviders.com/scammer-usa-v1.html

Aura | complaints | better business bureau® profile. (n.d.). Retrieved April 4, 2024, from https://www.bbb.org/us/va/herndon/profile/identity-theft-protection/aura-0241-6282

Award-winning Digital Protection. Comprehensive protection for your finances, identity, and tech. Easy to understand, simple to set up, and all in one place. (n.d.). https://buy.aura.com/antivirus-plans-4?irclickid=QNOzlSVnnxyPReEwlkXm2T2WUkH3ms1ns0TMVU0&iradname=Everbros+Podcast+%28updated%2Fdeactivated+on+10%2F6%29&iradid=1808099&irgwc=1&c1=1401737&camp=12398&utm_source=moonshot&utm_medium=ir_affiliate&mktp=IR_affiliates&sharedid=&utm_gateway=av 

Jr., T. H. (2023, November 14). Americans are being scammed out of billions on social media-look for these 7 red flags. CNBC. https://www.cnbc.com/2023/10/12/americans-lose-billions-to-social-media-scams-red-flags-to-spot.html

Lange, R., & Burger, E. W. (2017). Long-term market implications of data breaches, not. Journal of Information Privacy and Security, 13(4), 186–206. https://doi.org/10.1080/15536548.2017.1394070

Masjedi, Y. (2023, December 5). The worst social media scams of 2023 (how to avoid them). RSS. https://www.aura.com/learn/social-media-scams

Online blackmail on social media - Digital Forensics Corporation. Digital Forensics Corp. (n.d.). https://www.digitalforensics.com/blackmail/social?utm_source=google&utm_medium=cpc&utm_campaign=DF-CBM-Social&utm_content=665394437988&utm_term=blackmailing+on+social+media&utm_position=&utm_device=c&utm_placement=&utm_target=&utm_matchtype=b&gad_source=1&gclid=Cj0KCQjw8J6wBhDXARIsAPo7QA-Lz63Ryljf140ze7KVhzjGiqvI0xf-i9-Io9-DuednoAqxCeu3wR0aAk-_EALw_wcB 

Santos, F. C. C. (2023). Artificial intelligence in automated detection of disinformation: A thematic analysis. Journalism and Media, 4(2), 679–687. https://doi.org/10.3390/journalmedia4020043