Help protect yourself from social media scams

Social media is a great way to stay connected to family, friends and our local communities, but it is also increasingly being used by cyber criminals to conduct a wide variety of scams.

From romance schemes to fraudulent investment deals, many of the most common scams begin with an innocent-looking friend request or direct message over social media.

Learn how to help protect yourself with these tips.

How do social media scams work?

Scammers use social media platforms in a variety of ways, including:

• to advertise fake contests, job opportunities, and investment opportunities;
• to establish contact with potential victims;
• to find personal information that can be used to gain unauthorized access to accounts; and
• to impersonate trusted people or organizations.

These scams can be found in social media marketplaces, private groups you follow, or on spoofed websites made to look like real social media platforms.

Common types of social media scams

Here are a few of the most common scams that often originate on social media.

Employment scams

Keep an eye out for fake job postings on social media. These “opportunities” may appear enticing at first, but they can be a front for fraudsters looking to trick job seekers out of their money or personal information. Money mule scams – where innocent individuals are tricked into unwittingly participating in financial crimes – can also start on social media.

Investment scams

Be extremely skeptical of investment opportunities offered on social media. Fraudsters are posing as financial advisors and using social media and other channels to contact individuals offering lucrative investment deals. If it sounds too good to be true, it probably is – be skeptical.

Romance scams

Keep your guard up and look out for scammers who will try to use social media to begin a romantic relationship. Once they have gained your trust, these scammers ask for money – often due to “urgent” circumstances – and once you provide it, they will eventually disappear.

Purchase of merchandise scams

Shopping on social media marketplaces can help consumers save money, but it can also leave them vulnerable to scams. Fraudsters often offer products at very low prices. They may have no intention of sending the product. If you do receive what you purchased, it may be of poor quality or a bad imitation.

Overpayment scams

Thinking about selling your outdated electronic devices or your children’s old clothes online? Watch out for "accidental" overpayments that exceed the agreed-upon price. These scams involve tricking you into refunding money to a fraudster who has overpaid you with a bad cheque, stolen card, or wire payment.

Red flags to watch out for

• Anyone requesting money orders, gift cards, cheques, or wire transfers. If anyone is requesting these types of payments, the likelihood of fraud may be higher.
• Any unsolicited investment advice, particularly from someone you’ve only interacted with online.
• A sense of urgency. Scammers often request financial help from victims for medical costs for themselves or a family member, or for an unspecified “emergency.” 
• Social media profiles that are too good to be true, featuring people who are very attractive and have trustworthy jobs.
• Scams involving AI-generated fake videos, pictures and voice (also known as deepfakes) are also becoming more common. If you connect with a social media contact, watch out for signs of abnormal speech patterns, longer-than-usual pauses between words and sentences, or the person’s voice sounding flat and lifeless.

Tips to help stay safe on social media

• Never send money to people you meet online, even if they send you money first, including gift cards, money wires, or other forms of currency.
• Slow down and avoid “urgent” requests. Be mindful of responding too quickly with personal or financial information.
• Do not accept friend/connection requests or messages from strangers on social media (including anyone claiming to be a celebrity).   
• Limit the information you share on social media. Sharing too much can provide clues about your passwords or security questions and it can make it easy for cybercriminals to access your accounts. Update your privacy settings to limit who sees what you share.
• Be aware of which forms of payment offer purchase protection. Purchase protection means you could get your money back if you pay for an eligible purchase and don’t receive what you paid for. The following forms of payment do not offer purchase protection, so it is highly unlikely you will get your money back if something goes wrong:
  • Cash
  • Cheques
  • Crypto
  • Gift cards
  • Money orders
  • Wire transfers
  • Electronic fund transfers
• Beware of people who make a connection on a social media platform and then attempt to move communication to a private channel such as text message or WhatsApp. 
• If a friend, family member, or colleague reaches out to you via social media to request personal or business information, do not engage. Call this person directly to verify the request. 
• Never send your personal information (birthdate, financial information, addresses or photos) to people you have just met online. Photos can be used for blackmail and personal information can be used to access your accounts. 
• Do a Google Image Search of your social media connections to check if they are who they say they are.
• Review emails and URLs carefully. Emails and websites can look like they are from trusted companies, but if you review the email and URL carefully, you’ll notice a small difference like one extra letter, a period, or a .net instead of .com.
• When interacting with a well-known figure or brand, look for verified accounts, which can help ensure the account is legitimate. 
• Create strong passwords and develop different passwords for each social networking site you use.
• Enable multi-factor authentication on your accounts where possible. 

The bottom line

Social media can bring us closer together, but it can also open the door to scammers who are using increasingly sophisticated tricks to exploit innocent individuals in a number of ways. By recognizing the red flags and following these tips, you can help protect yourself from social media scams.