Download as DOCX, PDF, TXT or read online from Scribd
Download as docx, pdf, or txt
You are on page 1of 1
Why is social media security awareness so important?
Social media accounts contain a wealth of data. They’re linked to
personal information, customer connections, credit card details, and so much more. Without social media security protocols in place, all that information is at unnecessary risk. Common social media security risks Phishing and scams Phishing scams are some of the most common social media cyber security risks. The goal of a phishing scam is to get you or your employees to hand over passwords, banking details, or other sensitive information. Fake giveaways are one common type of phishing scam. Fraudsters impersonate companies like Best Buy or Bed Bath and Beyond to offer a significant coupon or prize. Of course, you have to provide personal information to access the non-existent reward. In another variation, someone claims to be a lottery winner who wants to share their winnings. Online shopping and investment scams are also significant problems on social media. Losses reported to the FTC that started on social media jumped from $237 million in 2020 to $1.4 billion in 2023. Social media is the most common contact method for scammers targeting Americans aged 20 to 69. In fact, 2023 was the first year social media became the primary contact method for those in their 40s through 60s. Warn your parents and grandparents (and your C-suite)! Imposter accounts It’s relatively easy for an imposter to create a social media account that looks like it belongs to your company. This is one reason why getting verified on social networks is so valuable. Impostor accounts can target your customers, employees, or prospective hires. Your connections may be tricked into handing over confidential information. In turn, your reputation suffers. Imposter accounts may also try to con employees into handing over login credentials for corporate systems. LinkedIn’s latest Community report notes that they took action on more than 63 million fake accounts in just the last six months of 2023. Most of those accounts (90.5%) were blocked automatically at registration. However, 232,400 fake accounts were only addressed once members reported them.
The $100 Billion Challenge: Strategies Against E-Commerce Fraud: Protecting Your Business from Emerging Threats and Financial Losses in the Digital Age