Protect your small business from social media scams and fraud

January 31, 2024 | 3 minute read

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

 

Common types of social media scams

  • Romance/confidence scams. Cyber criminals will create a fake online identity and try to establish a trusting and caring relationship. Once the relationship is established, the cyber criminal will deploy different methods to ask for money.
  • Giveaways and sweepstakes that lead to malicious links. An ad may pop up or you may receive a message that states you have won a giveaway or sweepstakes that can lead to malicious links that are intended for you to send money or pry for information.
  • Fake celebrities. It is not uncommon to see a plethora of imposter celebrity accounts. Some of these accounts may have a large following but are not verified. Cyber criminals may utilize these 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, and if you are on social media channels, look for verification check marks to confirm the channel is legitimate.
  • 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.

Back to Homepage

Explore more

Password security best practices

  

4-minute read

Protect your small business from e-commerce fraud

  

6-minute read

1. https://www.pewresearch.org/internet/fact-sheet/social-media

Important Disclosures and Information

Neither Bank of America nor its affiliates provide information security or information technology (IT) consulting services. This material is provided “as is,” with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this material, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, quality and fitness for a particular purpose. This material should be regarded as general information on information security and IT considerations and is not intended to provide specific information security or IT advice nor is it any substitute for your own independent investigations. If you have questions regarding your particular IT system or information security concerns, please contact your IT or information security advisor.

 

Bank of America, Merrill, their affiliates and advisors do not provide legal, tax or accounting advice. Consult your own legal and/or tax advisors before making any financial decisions. Any informational materials provided are for your discussion or review purposes only. The content on the Center for Business Empowerment (including, without limitations, third party and any Bank of America content) is provided “as is” and carries no express or implied warranties, or promise or guaranty of success. Bank of America does not warrant or guarantee the accuracy, reliability, completeness, usefulness, non-infringement of intellectual property rights, or quality of any content, regardless of who originates that content, and disclaims the same to the extent allowable by law. All third party trademarks, service marks, trade names and logos referenced in this material are the property of their respective owners. Bank of America does not deliver and is not responsible for the products, services or performance of any third party.

 

Not all materials on the Center for Business Empowerment will be available in Spanish.

 

Certain links may direct you away from Bank of America to unaffiliated sites. Bank of America has not been involved in the preparation of the content supplied at unaffiliated sites and does not guarantee or assume any responsibility for their content. When you visit these sites, you are agreeing to all of their terms of use, including their privacy and security policies.

 

Credit cards, credit lines and loans are subject to credit approval and creditworthiness. Some restrictions may apply.

 

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S" or “Merrill") makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp."). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC, and a wholly owned subsidiary of BofA Corp.

 

Banking products are provided by Bank of America, N.A., and affiliated banks, Members FDIC, and wholly owned subsidiaries of BofA Corp.

 

“Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets division of Bank of America Corporation. Lending, derivatives, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc., which is a registered broker-dealer and Member of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. is a registered futures commission merchant with the CFTC and a member of the NFA.

 

Investment products:

 

Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value