Investors warned as social media scams spike over winter

The research showed that scammers would often compromise social media accounts and use them to promote fake opportunities, supported by fabricated stories, testimonials, and screenshots, to convince consumers to participate.

Gen found that scam attacks could take many forms, including cryptocurrency and investment scams.

Norton principal systems engineer Dean Williams said that social media users were more likely to engage with the content than with scam emails or unsolicited messages, as they believed it originated from a source they could trust.

As scam numbers spiked in the colder months, Williams said it was vital that consumers were aware of the warning signs to avoid falling victim.

“These scams are designed to create a sense of opportunity and urgency. Cyber criminals use social engineering tactics to make social media users feel like they’re missing out on financial success and encourage them to engage with the scammer.”

He said that cyber criminals understood that trust was the most powerful tool they could exploit, with consumers more likely to engage with content from accounts they trusted, such as friends or family.

“These scams often create the illusion that ordinary Australians are making life-changing amounts of money through cryptocurrency, trading platforms or investment schemes.”

“In reality, the social media account may have been compromised, and the posts are being used to recruit new victims.”

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