Social media has become an essential part of our daily lives, and as the holidays get closer, our feeds begin to fill with photos of festive fun. While these platforms offer opportunities for connection through sharing and accessing information, they also attract fraudsters who are looking to exploit their next victim. We understand that this time of year can bring a level of financial stress, leaving you vulnerable and, perhaps, easier to deceive. Regardless of how social media fits into your daily life, your safety is always our top priority. In this article, we will discuss the most common scams on social media and how you can safeguard your information and enjoy these platforms worry-free.

Common Social Media Scams

Social media has a wide reach to billions of users across the globe, and it can be hard to spot accounts that are not real. Here are a few common scams that you may have seen or experienced, as well as some warning signs. While these signs can be used to detect various types of scams, they are particularly noticeable in the specific categories mentioned.

1) Seasonal Job Scams

Scammers can create fraudulent job postings to exploit job seekers. This is especially common during the holiday season when seasonal jobs are advertised. If you're looking for extra money to prepare for the holidays, watch out for these warning signs, as they could indicate a possible scam:

• Asking for payment: Remember, a job should never ask for a payment from you for employment. If they are requesting money, the page is most likely fraudulent.
• Unrealistic job description: Most job descriptions contain information about the company’s mission statement and key requirements for the role. Even if you’re applying for a seasonal job, it’s important to read the job description thoroughly. Don’t be afraid to do extra research on the company before you apply to make sure it’s legit.
• Fast offers: We all know that securing a job isn’t a fast process. If you’re getting offers right after applying, that is a red flag that should be investigated.

2) Facebook Marketplace Scams

This is a common scam that happens frequently during the holidays, when online shoppers are searching for gift ideas or festive decorations. Facebook Marketplace is an extension of Facebook that allows people to buy and sell products. Scammers can use these platforms to promote false products, sell stolen goods, or attempt to steal your personal data. Here are some signs that you should look for when buying from marketplace sellers:

• Unusual payment methods: The most common scam found on Facebook Marketplace involves sellers trying to move the payment process outside of the site. If a seller is trying to lure you away from the platform, proceed with caution. Scammers may might also request payments through unconventional methods, such as gift cards or wire transfers. It’s best to avoid any unfamiliar payment platforms.
• Limited information on the item being sold: If you show interest in an item and the seller is unwilling to answer questions or provide additional pictures, it may indicate that the product doesn’t exist. Avoid sellers who are hesitant to show proof of the item.
• No official verification: Have you ever felt unsure about a seller? Check their profile to review their selling history and ratings from other buyers. A sparse profile could be a sign that the account is fraudulent.

3) Social Media Ads

It’s likely you see products advertised on your social media feed. The 2023 BBB Scam Tracker Report found that online purchase scams were the third riskiest scam reported by consumers that year. These ads can be anything from fake companies offering holiday shopping assistance to donations requests to a phony charity. Before you send your money to an unknown account on social media, be mindful of these warning signs:

• No direct website: If you encounter an ad, verify the company’s legitimacy. Avoid clicking links from unfamiliar ads, as they could be phishing attempts.
• Pressure to send money quickly: Scammers are skilled at moving quickly with their schemes. If you feel pressured to do or send anything, it’s best to remove yourself and report the post.
• Emotional tactics: Ads may exploit feelings of guilt, fear, or sympathy to manipulate you into sending your money to a fake organization or charity.

4) Holiday Contests and Giveaways

The holiday season is a time to spread joy and give to others. Unfortunately, fraudsters use this time of year to find victims. We all can enjoy some friendly competition, but it’s important to know these warning signs when entering online contests:

• Limited Content: Most business accounts that host contests have an active profile. Use caution with giveaway and contest posts from new accounts with few followers or posts.
• Terms & Conditions: Legitimate contests have specific terms and conditions that contestants must follow to enter, including detailed rules, entry requirements, and instructions for winners. If you notice this information is missing or too vague, it could be a scam to avoid. 
• Spammy Bots & Comments: Always monitor likes and comments for signs of fraudulent activity. An excessive number of comments from fake accounts on a post is a strong indicator of a potential scam.

Protecting Yourself Online

With an understanding of the common fraud trends and warning signs, here are some ways to enhance your online safety this season:

1. Use two-factor authentication: Two-factor authentication adds an extra layer of protection by requiring a second form of verification before signing in. This makes it harder for fraudsters to gain access to your accounts and personal information.
2. Think before you click: Always be skeptical of links, emails, or messages that seem off. Use your intuition—if something looks like phishing, it most likely is!
3. Report suspicious activity: Each social media page has specific procedures for reporting scams. Notifying these platforms can help protect you and others from scams and other fraudulent activities online. You might also consider reporting scams to the Federal Trade Commission (FTC), an agency that helps track and combat fraud.

Have questions or need trusted advice? Our credit union experts are always here for you. Contact Elements Financial for support in all aspects of your financial life.