Today, more than 4.6 billion people are on social media, representing 58.4% of the total human population.
Even businesses realize social media’s massive potential, with 73% of all small businesses investing time and money on these platforms. As ingrained as these platforms are in the daily life of consumers, they’re also home to opportunistic scammers and fraudsters trying to dupe users with a multitude of scams.
As a brand, you must be aware of all these scams and their potentially detrimental effects on your business.
But it’s not always easy to detect these frauds.
Social media scams are rampant on almost every platform.
Social media fraud losses comprised 26% of the total fraud losses reported in 2021. This number represents a shocking 18-fold rise in the last four years. It’s a lucrative option for malicious actors because of how hard these scams are to detect for several reasons.
It’s important to discuss those reasons to understand the gravity of the problem.
More than 20 social media platforms to manage everyday
There are over 20 social media platforms with over 250 million monthly active users (MAUs) and 7 with over a billion.
These numbers are only expected to grow further.
With the number of regional social media platforms exploding, billions of new users are coming into their ambit. This phenomenon’s sheer scale and complexity make it a nightmare for IT security teams.
Understaffed and overworked, these teams will have to spend each waking hour…
