Americans lost $2.1 billion to social media scams last year, 8 times more than in 2020. Facebook alone cost users more than texts and emails combined

The cardinal rule of the Internet is that if it seems too good to be true, it probably is. Unfortunately, some still haven’t learned that lesson—and it clearly hasn’t stopped some of us from falling into traps, especially on social media. Recommended Video Nearly 30% of people who reported losing money to a scam in 2025 said that it started on social media, according to the Federal Trade Commission. And last year, Americans lost a staggering $2.1 billion to social media scams—eight times more than in 2020. The problem really proliferated during the start of the pandemic. In 2019, the FTC reported Americans experienced a record high of $134 million in losses due to social media scams. However, the first six months of 2020 alone saw nearly $117 million in losses.

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