Scammers go where the people are. Today, more than half of the world’s population uses some type of social media, according to the Digital 2020: July Global Snapshot. The Pew Research Center’s Social Media Fact Sheet reports that 73% of Americans use YouTube, 69% use Facebook, and 37% use Instagram.

The 2019 Current State of Cybercrime report revealed that many cybercriminals have been relying on social media to perpetrate crimes of fraud. The rate of social media fraud attacks has increased by more than 43% from 2018 to 2019, and criminals are discovering new ways to exploit social media users.

Javelin Strategy and Research found that account takeover caused more than…

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