Social media is buzzing with new features and advancements that help businesses expand their reach, but there is also the possibility of identity fraud on social media. The manner that privacy is misused in society has evolved due to cyberbullying, phony employment frauds, trolling, and copy that targets social media users' personal information and financial accounts. As a result, social media platforms are increasingly required to include identity verification features into their platforms.
What is Identity Fraud on Social Media Platforms?
When criminals utilize social media platforms like Facebook, Twitter, Instagram, Snapchat, and others to steal your personally identifiable information (PII) or con you into giving up access to your accounts, this is known as identity fraud on social media.
Scammers can take control of your accounts, pose as you on social media, conduct phishing attacks on your followers, or even access your financial statements if they have enough of your PII.
How Common Is Identity Fraud on Social Media?
In general, those who use social media regularly have a 30% greater likelihood of falling victim to fraud than those who don't. However, Facebook, Snapchat, and Instagram users are at a 46 percent higher risk of fraud and account takeover.
Social media users are more likely to lose money due to scams, even if it's still more frequent to be conned via email, phone, or text messaging.
What Makes Social Media Vulnerable to Fraud?
Authentic identities must be used to open a personal or corporate account on well-known social networking sites like Facebook and LinkedIn. Identity verification is a crucial safeguard against fraud since these platforms allow users to communicate and conduct business with strangers and acquaintances. There was a petition in the UK calling for users' identities to be confirmed before creating social media accounts.
Similar to this, a measure to outlaw anonymous social media accounts was being debated in the French Senate. The considerations for social media ID requirements in Australia and these two European nations demonstrate how serious the issue of identity fraud on social media has grown.