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Social Media Platforms: A Growing Hub for Payment Scams

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Social Media Platforms: A Growing Hub for Payment Scams

by Raxer X.
02/19/2025
in Fraud & Scams, Security & Risk

Social media platforms have become a significant avenue for payment scams, with fraudsters leveraging these networks to initiate deceptive schemes. Greg Hodges, head of trust and safety at JPMorgan Payments, highlighted this trend during a recent Payments Dive virtual event, noting that approximately half of the scams reported to JPMorgan Chase originate from social media interactions.

In response to this surge, JPMorgan Chase announced a policy change effective March 23, 2025, to combat fraud originating from social media platforms. The bank will block Zelle payments initiated through social media channels, emphasizing that Zelle is intended for transactions between trusted individuals, not for purchases or payments to unknown parties met online. This measure aims to protect consumers from push-payment scams, where fraudsters persuade individuals to send money under false pretenses.

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The rise in social media-related scams is not isolated to one region. In the United Kingdom, purchase scams starting on platforms like Facebook and Instagram are projected to cost consumers over £27 million annually. These scams often involve advertisements for non-existent products, luring users into making payments for goods that are never delivered. Similarly, the U.S. Federal Trade Commission reported that in the first half of 2020, consumers lost nearly $117 million to scams initiated on social media, with fraudulent online sellers and romance scams being the most prevalent.

Romance scams, in particular, have seen a significant increase. Scammers create fake profiles to build trust and emotional connections with victims, eventually soliciting money for fabricated emergencies. The FTC reported that in 2018, individuals lost $143 million to romance scams, more than any other type of consumer fraud that year. The psychological impact on victims is profound, often leading to feelings of betrayal and financial hardship.

Financial institutions are facing scrutiny regarding their role in preventing and addressing these scams. In December 2024, the Consumer Financial Protection Bureau sued Zelle and three of its bank owners, alleging insufficient measures to protect customers from fraud. A U.S. Senate report from July 2024 revealed that customers of major banks disputed approximately $206.7 million in Zelle transactions in 2023 due to scams, with only about 19% of those transactions being reimbursed.

To mitigate the risk of falling victim to social media-initiated scams, experts recommend several precautionary measures:

  • Verify Online Sellers: Before making a purchase based on a social media advertisement, research the company thoroughly. Look for reviews and check for any complaints to ensure the seller’s legitimacy.
  • Be Cautious with New Contacts: If someone you don’t know contacts you on social media and quickly seeks to establish a personal relationship or requests money, approach with skepticism. Scammers often use urgency and emotional appeals to manipulate victims.
  • Adjust Privacy Settings: Regularly review and update your social media privacy settings to control who can view your information and posts. Limiting public access can reduce the likelihood of being targeted by scammers.
  • Be Wary of Unsolicited Messages: Exercise caution with unsolicited messages offering financial assistance, grants, or investment opportunities, especially those requiring upfront payments or personal information.

As social media continues to integrate into daily life, awareness and proactive measures are essential to protect oneself from the evolving landscape of online payment scams.

Explore the newest supply chain news at The Supply Chain Report. Visit ADAMftd.com for free international trade tools.

#SocialMediaScams #OnlineFraud #ZelleScams #JPMorganChase #PaymentFraud #RomanceScams #ConsumerProtection #DigitalPayments #FraudPrevention #OnlineSecurity #ScamAwareness

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