Social Media Fraud: The Evolving Threat and How to Defend Yourself

02.05.24

Threat Intelligence Alerts

Social media platforms offer connection and entertainment, but they’ve also become a hunting ground for sophisticated scammers. These criminals are increasingly turning to a combination of clever psychological tactics and advanced technologies like AI to ensnare victims in a web of deceit. Understanding their methods is the first step towards protecting yourself.

As reported by the BBC, a troubling trend involves AI-generated videos, images, and articles impersonating celebrities or mimicking trusted news sources. These fakes might feature someone like Zoe Ball or Jeremy Clarkson enthusiastically promoting a cryptocurrency investment scheme. This calculated use of familiar faces and reputable brands aims to trick people into believing the endorsement is genuine.

Always remember that celebrities rarely, if ever, promote quick-money schemes on social media. Before falling for investment pitches, even with familiar faces attached, verify them through official financial regulators and seek out legitimate news sources.

Scammers are also using tactics like hacking to gain control of existing social media accounts, as detailed in the BBC report. They may impersonate your friends or family to send messages with fraudulent links or requests that seem legitimate on the surface. Alternatively, they might create entirely new yet convincing profiles, using stolen information to appear authentic.

Be wary of unexpected and unusual messages, even from known contacts. If a friend suddenly asks for money, recommends a strange investment, or sends a link out of the blue, contact them through a different communication method (like a phone call) to verify the request’s legitimacy.

The rising cost of living provides scammers with another tool for exploitation. Fake loans, investment opportunities, or relief schemes tailored to sound appealing may pop up in your feed. These often combine personalised touches (gathered from your social media activity) with urgent language designed to make you act hastily. Never rush into a financial decision due to a post or ad. Take time to research and consider if the offer aligns with common sense financial practices.

If you suspect you’ve been scammed, act quickly. Change passwords on any effected and associated accounts, check to make sure you have 2-step-verification or a Passkey setup on your accounts and immediately notify your bank or financial institutions, and report the incident to the social media platform.

Staying informed about the constantly evolving strategies of scammers is vital for protecting yourself. By remaining vigilant, prioritising careful verification, and staying up to date on the latest scams, you can significantly reduce your risk of falling victim to these fraudulent schemes.

For additional support, consider downloading the Cyber and Fraud Centre’s App. This provides up-to-date information on the latest threats, helping you stay one step ahead of the scammers.

Further reading at:

https://www.bbc.co.uk/news/business-68843985

https://uk.news.yahoo.com/criminals-ramp-social-engineering-ai-230100281.html