Social media frauds hit an all-time significant very last year, new figures from the Federal Trade Fee (FTC) have uncovered.

The FTC promises a quarter of all fraud losses for the 12 months happened on social media, with victims getting rid of all over $770 million for the duration of 2021 (at an typical of all-around $460 per fraud) – an 18x rise on the $42 million dropped just five many years ago.