Clark Howard on Social Media Scams and 'Finfluencers'

The Rise of Social Media Scams

• ⚠️ Scams are an epidemic on social media, where people let down their guards more easily with strangers than in the past.
• 🎯 Historically, scams relied on affinity fraud, where a scammer would gain trust before selling a con.
• 📱 Today, platforms like Facebook and Instagram are prime locations for scammers due to their immense popularity.

Influencers and Misleading Advice

• 💬 Paid influencers, even those with loyal followings in areas like fashion or design, can mislead audiences when they promote products or services they're paid to endorse.
• 💰 While influencers may not always be aware they are scamming, the result for the consumer is the same.
• 📈 'Finfluencers' are a specific concern, touting investment opportunities and systems, often with misleading advice.

Protecting Yourself Online

• 🔍 Scammers exploit people's confidence on social media to steal their money through various schemes.
• 🚫 Be skeptical when people befriend you on Facebook or when you become deeply engaged with someone on Instagram.
• 💡 The goal is to avoid unknowingly losing your money to these online schemes and misleading advice.