The
Federal Trade Commission (FTC) has described
eight popular social media and video streaming platforms as “goldmines for scammers.” Meta, Instagram, YouTube, TikTok, Snap, Twitter, Pinterest, and Twitch are being asked by the FTC to provide information on how to restrict paid commercial advertising that is deceptive or exposes consumers to fraudulent health care products, financial scams, counterfeit and fake goods, or other fraud. Consumers have reported losing more than $1.2bn to fraud that started on social media in 2022 more than any other contact method. “Social media has been a gold mine for scammers who tout sham products and other scams that have cost consumers enormously in recent years,” said
Samuel Levine, Director of the FTC's Bureau of Consumer Protection. “This study will help the FTC ensure that social media and video streaming companies are doing everything they can to keep scammers and deceptive ads off their platforms.”