Trading Scams on Social Media
Social media can be an effective tool to make personal and professional connections. Over the years, social media platforms like YouTube, Instagram, and Facebook have become business hubs too. People are using these platforms to sell and buy products and influencers are getting paid for advertising different products. In simple words, now money is involved on all social media channels. The involvement of money has also caused a surge in trading scams on social media.
Trading Scams on Instagram
If you’ve been following any social media platform at all in the last year, then you’ve likely heard about trading scams on Instagram. In the days of social media and internet companies connecting everyone from around the world to each other, it was only a matter of time before someone figured out how to get rich off of these platforms. In fact, there are a ton of scams out there on places like Instagram right now, and they’re often hard to spot because they sound so legitimate.
The scammers make themselves seem credible by posting pictures of different marketplaces with their offers on them for trading various types of services—and everything looks legit when you first glance over it.
Influencer brands on Instagram are also pretty common these days. Scammers reach out to social media celebrities with a good following. Scammers usually pretend to be established brand representatives and ask the influencers to market and advertise the products. They usually offer an amazing deal that no one can ignore. Once the influencers have started promoting scammer’s products, either they will not send the due payment or will try to send fake payment proofs.
Another way to scam people on Instagram is to lure the audience with giveaways. Scammers with fake brand profiles will reach out to Instagram influencers and will ask them to promote their giveaway and ask the participants to follow the said profiles. The aim is to increase the following of specific accounts. Influencers are promised that the winner will be awarded amazing gifts and once the winner has been announced, scammers will ask for a shipping fee. These types of trading scams on Instagram hurt the reputation of influencers and they usually don’t get paid for what they were promised.
Trading Scams on Facebook
We all know at least one person who has fallen victim to a Facebook scam. A lot of these scams are disguised as “too good to be true” get-rich-quick schemes.
Scams on Facebook may seem like harmless fun or an easy way out, but the consequences can be devastating for both parties involved. Scammers prey on people’s hopes and dreams; luring them into thinking they’ll get rich quickly by doing nothing more than following a few simple steps. Remember that there is no such thing as free money! It’s not uncommon for scammers to ask for personal information in exchange for their help, which can lead people down the road of identity theft and credit card fraud.
A scam, or “pump and dump”, is when someone lures new followers to their page/group under false pretenses and then abandons them once they have enough followers. The new followers are then threatened by the “pumpers” with being removed if they leave the group before being paid. The scammers are usually just trying to get more attention for their scams, but some will actually use the users’ information to steal money from them. A single fraudulent transaction can potentially rack up hundreds of dollars in stolen money.
Facebook trading scams are often disguised as multi-level marketing schemes. These schemes are promoted by posting ads on Facebook, notifying users to sign up for a “free” service, usually involving shipping or e-commerce. Once the user signs up, they are asked for their bank information. The scammers then steal their money by depositing it into other accounts.
Trading Scams on YouTube
YouTube influencers and content creators are no exception when it comes to trading scams on YouTube. Are you an avid YouTuber? Have you ever been or know someone who has been scammed on YouTube? We’ve all encountered scammers, and they’re always hard to miss. But what about those sneaky ones who try and hide within the masses of innocent creators?
Many small-time YouTubers fall victim to scams every day, but most don’t even realize it. This is why we have outlined some of the most common schemes for trading that happen on YouTube so that you can stay safe and avoid being taken advantage of.
YouTube is a wonderful place for creators to connect with one another, but some creators are more interested in your channel view count than they are in fostering a real connection.
Peer-to-peer trading is the most common type of scam that takes place on YouTube. The process usually goes something like this: A creator suggests to another creator that they swap channels for a few days so viewers on both channels can check out the other’s content. Many YouTubers mistakenly believe that if both channels benefit from the trade, then it’s fair game.
But YouTube’s partnership rules come into play here. A creator can only be involved with one partnership at a time, and the platform tracks switching channels on its end as well. If it detects that you’ve swapped channels to facilitate trade, it will likely terminate your current partnership and revoke any benefits you’ve earned as a result.