Protect your small business from social media scams and fraud

November 14, 2024 | 3 minute read

An estimated seven-in-ten Americans use social media to connect with one another.1 While the average user is connecting with friends and family, cybercriminals actively use social media platforms to scam users out of money and gain access to personal information.

 

Common types of social media scams

  • Romance/confidence scams. Cybercriminals will create a fake online identity and try to establish a trusting and caring relationship. Once the relationship is established, the cybercriminal will deploy different methods to ask for money.
  • Giveaways and sweepstakes that lead to malicious links. A pop-up ad or unsolicited message may state that you have won a giveaway or sweepstakes, then lead you to a malicious link or site designed to trick you into sending money or sharing private information.
  • Fake celebrities. Cybercriminals can create very convincing, but unverified, imposter celebrity social accounts, some of which have many followers. Cybercriminals may use such fake accounts to steal from fans.
  • Fake investment opportunities. This “opportunity” may show up in the form of a post or direct message asking for money, gift cards or even a wire transfer.

 

Tips that can help protect you

  • Make sure you only click on links from trusted sources, use caution when encountering shortened links or QR codes, and ensure they are from trusted, reputable sources.
  • Be careful when posting personally identifiable information on social media. Enable security settings on your social media profiles to limit what you share publicly.
  • Update all operating systems, apps, and security software — including antivirus programs and firewalls.
  • Don’t fall for the bait. If an offer sounds too good to be true, it probably is.
  • Never trust unknown individuals. Verify everything they claim and do not send sensitive information to anyone whose identity you cannot confirm. Remember that many businesses, including Bank of America, will never ask you for account details unless you call them first.
  • Report the incident to local law enforcement immediately and contact your bank.

 

 

The Global Information Security (GIS) team at Bank of America is made up of information security professionals staffing multiple security operations centers across the globe who work 24/7 to keep data and information safe.

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