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FTC releases study with data on scams that begin on social media
- One quarter of victims reporting since 2021 say scam began on social media, with losses of $2.7 billion
- More than any phone, email or any other method of contact
- Younger people hit harder; 47% with victims 18-19; 38% of those 20-29
- 44% of losses due to online shopping where goods were never delivered, mainly clothing and electronics
- But 53% of the money lost was to investments; mainly crypto romance fraud
