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How to Avoid Social Media Scams

While older people tend to lose more money in scams, everyone is susceptible. In fact, people younger than 40 are more likely to fall for them; they just tend to lose less money in individual frauds when they are victimized.1

That said, those under 40 are most likely to fall for social media scams.2 And they most often lose money by paying with a payment app, debit or credit card.

Threat actors may also enhance your likelihood of falling for their deceit by hacking into the social media profiles of a trusted source that you follow. This could be friend or family member, a local official, a celebrity, or an influencer. The scammer then shares deceptive information and links that you mistakenly think is from your trusted source.

Read long and learn more about the most common types of social media scams below — and how to avoid them.


Common Social Media Scams

While there are many types of online fraudulence, here are some of the more common schemes that younger people get duped into.

Online shopping scams: You'll see an ad — or a recommendation from a trusted source — promoting a product or online store. The website looks legit, and you end up paying for something that never ships. Pay close attention to the web address. Some addresses may be off by one letter or digit, while some threat actors have developed the ability to mirror a site. Also look to see if the site is secure by the padlock symbol next to the URL, although that isn't always foolproof.

Investment scams: This could be for an investment product that doesn't even exist or a risky one that's not worth investing in. Fake testimonials and reviews, as well as deceptive advertising, can make you think an investment is safer — or more lucrative — than it really is.

Phishing scams: You've probably heard about phishing scams — those where someone pretends to be a reputable company you do business with (say, a bank or credit card company) or someone you work with or for. Most people associating phishing with email or phone calls, but it can happen on social media, too. In this case, fraudsters create fake posts with malicious links that lead to fake websites that look real (like a credit card application or a bank website). The goal is the same as with all phishing scams: to trick you into providing your personal information, such as user ID and password, Social Security number, credit card info, or other personal or financial data.

Fake giveaways and contests: Scammers create fake giveaways or contests on social media, promising valuable prizes in exchange for likes, shares, or personal information. Once users participate, they either receive nothing or are directed to malicious websites. And be extremely suspect of these types of phone calls saying you won a lottery, or sweepstakes. Threat actors will ask for money to claim a prize. Be sure to educate yourself on these types of scams.

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Don't make investment decisions based on what others post on social media. They might've been hacked. Or they might be getting paid for the promotion.

Impersonation scams: Scammers create fake profiles impersonating celebrities, influencers, or even friends and family members. They then send messages to followers or friends, asking for money, personal information, or promoting scams.


How to Prevent Being Scammed

Understanding how scammers are targeting people online is a good first step toward protecting yourself. These other steps can also help:

  • Research companies you've never heard of, even if it appears a friend or a trusted source you follow is recommending something from that company. Do a quick search for the company's name to see what comes up in reviews, online forums, and articles in reputable publications. You can also search for the company's name plus the word "scam" to see if that surfaces any issues.
  • After you've done your research, check out the company's website. Is there an "https://" or a padlock symbol, as mentioned earlier, in the URL to show that the website is secure? Do they have a physical address and phone number listed? What is their return policy?
  • Don't pay for anything with cryptocurrency. In fact, if the only way you can pay for something is with cryptocurrency, that is in itself a red flag. (Cryptocurrency isn't traceable, and a demand for payment only with crypto is a sign that someone doesn't want you to be able to track where your money went).
  • Be sure to pay for purchases with a credit card, even if it's through a third-party payment app. In some situations (like if you order something that is never delivered, or if someone makes fraudulent charges on your card), your credit card company will make sure you get most or all of your money credited back to you.
  • Don't give out any personal or financial information on social media, even if it seems the asker or link is real. Look up the supposed company to see if they have a legitimate website with contact information, but still be on guard.
  • Don't donate to an online fundraiser for someone you don't know in real life. If you're concerned about a certain issue, like homelessness or hunger or victims of a natural disaster, find a reputable nonprofit to donate money to instead. (If the fundraiser is for someone you know, confirm with real-life contact that the fundraiser is legit — and not a scammer pretending to have a fundraiser in someone else's name).
  • Don't make investment decisions based on what you see friends, influencers, or celebrities promoting on social media. They might have been hacked. Or they might be getting paid to promote certain investments. Instead, do your own research and contact a trusted financial advisor before sinking your hard-earned money into the unknown.

If you need help navigating an investment process, a Synovus financial advisor can work with you to make informed decision, build a plan and create a strategy for your unique situation.


Consider Signing Up for Credit Monitoring

Does remembering to regularly scan your credit report sound exhausting? Another option: Choose a service that will do the credit monitoring for you.

For example, as a Synovus Plus, Synovus Inspire, or Synovus Private Wealth customer, you can enroll in complimentary Financial Protection Services services through Carefull. Depending on the level of protection you have, Carefull will monitor your credit reports and notify you any time any changes are made. Carefull will also scan the web to make sure your personal information hasn't been compromised by checking websites, blogs, peer-to-peer networks. Carefull also offers full-service identity restoration if you become a victim of identity theft.

Learn more about how you can achieve peace of mind as a Synovus customer with Carefull.


Important disclosure information

This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

  1. Andrew Rayo, "The top scams of 2022," Federal Trade Commission. Published February 23, 2023, accessed May 15, 2023.

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  2. Federal Trade Commission, "Age and Fraud," updated April 25, 2023, accessed May 15, 2023.

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