Social media is a powerful tool for communication, business, and sharing information, but it can also be used by fraudsters to steal personal details and money. Fraudsters often create fake accounts, post misleading ads, and use tricks to take advantage of unsuspecting users, costing Canadians millions of dollars each year.
One of the common ways fraud occurs on social media is through phishing fraud. Fraudsters create fake accounts that pose as friends, family members, or trusted organizations, trying to trick people into sharing personal information or sending money. Another form of fraud is identity theft, where scammers take personal details and images without permission to make fake profiles, apply for loans, or sell counterfeit products.
There’s also online shopping fraud, where deceptive sellers advertise products or rental properties that don’t exist. People end up paying for goods or services that never arrive. Investment fraud is another concern, where fraudsters promote fake cryptocurrency opportunities with promises of high returns. Once funds are transferred, it is nearly impossible to recover them.
To protect yourself, it’s important to adjust your privacy settings and keep your accounts more restricted. Avoid oversharing sensitive information, such as financial details or travel plans. Be cautious about accepting friend requests from people you don’t know, especially if their profiles seem suspicious with few connections or posts. Ask specific questions and look for any inconsistencies in their answers. If they always have an excuse to avoid meeting in person, it’s a red flag. You can also perform a reverse image search to see if a profile picture is being used on other accounts.
Watch for accounts that post frequently but rarely engage in conversations, as these could be fake. Fake accounts often have a lot of followers but very little interaction or original posts. If you encounter an account that harasses or threatens you, block and report them. Never send money, gift cards, or cryptocurrency to someone you haven’t met face to face. It’s also important to use strong passwords and never share your login details with anyone.
If you see any suspicious activity, report it directly through the social media platform. For more information on fraud prevention, visit opp.ca and sfo.opp.ca. If you suspect you’ve been a victim of fraud, contact your local police and the Canadian Anti-Fraud Centre at 1-888-495-8501 or report online through their Fraud Reporting System.