Social Media Scams Are On The Rise
We are highly influenced by the people on social media. You do what other people say. Maybe you think they are experts, influencers, and what they preach is right. There is nothing wrong to follow someone you like on social media.
But when you make any financial decision based on what they say without your analysis and research, you might become a victim of scams. Joseph James O’Connor has been charged with scamming others and stealing cryptocurrency that is worth $794,000. He hacked Twitter accounts to promote scams and steal from others.
What the FBI report revealed, that's shocking. In 2022, people in the United States lost more than $10 billion in online fraud. Hackers use different techniques to compromise popular Twitter accounts that have a huge number of followers. If anything is tweeted on those accounts, people follow that like crazy.
Scammers and hackers take advantage of it once they get access to popular Twitter accounts. They give fake giveaways, spread phishing links, and lead people to fake websites to steal private keys. You see the verified Twitter account with huge followers, you usually do not have any doubt before clicking the link.
Seeing the rise of social media scams, it seems difficult not to fall for any of those scams. Greed can trigger to fall victim to scams easily. You see a huge opportunity to make a lot of money or giveaways from popular Twitter accounts. It feels like you miss this opportunity, maybe you are saving yourself from losing your capital.
Somehow hackers get your information or swap SIM to attempt to hack your Twitter account. They can steal your crypto and use your social media account to launch more attacks in order to exploit and scam others. You cannot underestimate what's going on and how people lose their crypto assets.
This is easy money that people are losing. They work hard to make money but hackers steal that in a blink of an eye. You should never make financial decisions based on what some tweets on Twitter. Your investigation and analysis help you to make the right decision which may go against those tweets or in favor of those tweets.
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