How social media scams are draining bank accounts of victims

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Many social media scams are propagated through well-known platforms such as WhatsApp, Instagram, and Facebook, owned by Meta. These scams continue to claim more victims annually than conventional crimes like robbery and burglary.

Companies like Meta have not taken adequate measures to counteract these scams on their platforms, making them havens for online criminals. On the other hand, X (formerly known as Twitter) has taken a proactive stance against criminal activity on its platform, using Artificial Intelligence technology to manage spam and prevent fake scams.

In the UK, an estimated 1.1 million citizens fell victim to these scams in 2022 and 2023, resulting in losses exceeding £300 million. Recovering lost funds from these scams is often futile, and law enforcement can only assist in exceptional cases.

While social media platforms can be partially blamed for these crimes, individuals must also remain vigilant. It is crucial to exercise caution when encountering dubious posts, avoid clicking on links from unfamiliar sources, and be wary of profiles using attractive images or requesting bank account details.

Key points:
1. Social media scams continue to claim more victims annually than conventional crimes.
2. Meta-owned platforms like Facebook and Instagram have not taken adequate measures to counteract these scams.
3. X (formerly known as Twitter) has been proactive in using AI technology to prevent fake scams.
4. In the UK, an estimated 1.1 million citizens fell victim to these scams in 2022 and 2023, resulting in losses exceeding £300 million.
5. Recovering lost funds from these scams is often futile, and individuals must remain vigilant to avoid falling victim.