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

By CORA LEWIS
Associated Press

NEW YORK (AP) — Social media is full of scammers promising guaranteed returns on investment, and consumers lost $3.8 billion to them last year just in the U.S., according to the Federal Trade Commission. That’s twice as much as in 2021. Such scams are also a problem globally. Those who work in the space, including the FTC and Better Business Bureau, say the speed and convenience of the internet, the rise of online payment platforms, and the spread of financial misinformation have all contributed to the increase. They also cite pandemic-era isolation and loneliness.