Investment scams are everywhere on social media. Here’s how to spot one

Financial scams, including cryptocurrency schemes, cost consumers US$3.8bil (RM17.63bil) last year just in the US, according to the Federal Trade Commission, twice as much as in 2021. Such scams are also a problem globally. — Image by jcomp on Freepik

NEW YORK: Social media is full of scammers promising guaranteed returns on investment, and consumers lost billions of dollars to them last year.

Troy Gochenour, 50, of Columbus, Ohio, was conned out of US$25,800 (RM119,699), including US$15,800 (RM73,335) in borrowed money, in a crypto-mining scam that began with a WhatsApp message from a beautiful stranger.