<p dir="auto">In the year 2023, how the United States witnessed a remarkable increase in investment scams, particularly leveraging social media platforms to exploit unsuspecting individuals.
<p dir="auto">In reported losses in the United States alone, investment scams accounted for over $4.6 billion. This has made the year most significant category of financial fraud. Compared to previous years, the figures show a significant surge underlining a growing trend in fraudelent activities targetting investors.
<p dir="auto">The losses among people over 60 have increased tenfold, from about $98 million in 2020 to over $1.2 billion in 2023, indicating that the senior population has been especially impacted.
<p dir="auto">The younger demographics, especially aging 18-34 reported high cases of encountering suspected investment scams on social media platforms.
<p dir="auto">A big part of the scams are now perpetrated through social media channels where scammers can easily promote unverified financial opportunities. It's a troubling trend as social platforms that facilitate interactions also become breeding grounds for such activities.
<p dir="auto">Scammers often use sophisticated tactics to attract victims including creating professional-looking websites and employing social engineering techniques to build trust and lure larger investments.
<p dir="auto">It's important for social media platforms to enhance their verification processes concerning financial advertisements in order to protect users from fraudelent schemes.
<p dir="auto">Thanks for reading
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