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The Scourge of Social Media Scams: A Dire Warning You Can’t Afford to Ignore

By Last Updated: October 13, 2023
Reading Time: 2 minutes

In an age where deep fakes and AI are becoming more sophisticated, the line between reality and deception is blurring at an alarming rate. A recent CNBC article reveals that Americans have been scammed out of a staggering $2.7 billion in the last two and a half years on social media alone. But what if I told you that this is just the tip of the iceberg?

The Personal Toll: When It Hits Home

George Gamon shared his harrowing experience of being hacked—twice. His Twitter account, boasting over 240,000 followers, was compromised, and the hacker even went as far as to steal his identity to set up credit cards. Despite having a strong password and two-step verification, Gamon fell victim to these nefarious activities.

The Legal Battle

Frustrated by Twitter’s lack of responsiveness, Gammon had to resort to hiring Robert Barnes, a high-profile lawyer, to resolve the issue. The hacker was so sophisticated that they manipulated the two-step verification process, making it appear as though Gamon still had control over his account.

The Widespread Problem: You’re Not Immune

Think you’re safe because you don’t have a quarter of a million followers? Think again. Scammers are indiscriminate in their attacks. Even Mark Cuban, a billionaire entrepreneur, lost nearly a million dollars to a crypto scam.

The Vulnerable Demographics

Contrary to popular belief, it’s not just the older generation that’s falling prey to these scams. Younger people, who are generally more trusting of the internet, are also being targeted. Why? Because they’ve grown up in a digital world and are less skeptical of online interactions.

The Red Flags: Know Them, Avoid Them

  1. Urgent Messages from “Friends”: If you suddenly receive an emergency request for money, be skeptical.
  2. Too Good to Be True: Huge discounts and promises of massive investment returns are classic bait.
  3. Typos and Strange Spellings: Poor grammar and odd punctuation can be a giveaway.
  4. Rushing You Into a Decision: Scammers often create a sense of urgency to cloud your judgment.

The Future is Bleak: Deep Fakes and AI

As AI technology evolves, the scams are going to get more sophisticated. Imagine a future where you can’t even trust a video because it’s a deep fake, indistinguishable from the real person. The only way to verify authenticity might be through live streams, which are currently difficult to fake.

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