Americans lost $3.5 billion last year to scammers pretending to be someone they trusted: the government, their bank, a company they do business with.
And $2.1 billion of that started with a post, an ad or a message on social media, according to the Federal Trade Commission. About 30% of the people who lost money to these impostors were first contacted on social media.
Now the FTC wants to know whether the platforms selling those ads should share the blame.
On Sept. 24, the agency asked for public comment on whether it should expand its rule against impersonation scams to reach the companies whose ad tools help scammers find victims. Among the ideas on the table: requiring platforms to vet advertisers, monitor ads, and remove scam ads once they’re confirmed.
“Free markets depend on trust, transparency and consumers’ ability to make informed choices,” said Christopher Mufarrige, director of the FTC’s Bureau of Consumer Protection.
I’ve spent my 35-year career exposing how companies separate people from their money. Here’s what bugs me about this one: The platforms get paid when a scam ad runs. You pay when it works.
Until that changes, protecting yourself is your job.
And the timing matters. With the Social Security cost-of-living announcement coming Oct. 14 and Medicare open enrollment starting Oct. 15, the fall is prime time for impostors.
Here are six you’re most likely to meet on Facebook, Instagram or WhatsApp — and how to spot each one.
1. The ‘Medicare representative’ with a better plan
Open enrollment runs Oct. 15 through Dec. 7, and scammers know it. Expect ads and messages promising extra benefits, free gifts or a “new card,” all to get your Medicare number.
Here’s the tell: Medicare says it will never call you to sell you anything or visit you at home. Guard your Medicare number like a credit card, and share it only with your doctors and others you know should have it.
Want a real comparison? Use Medicare’s own Plan Finder at Medicare.gov or call 1-800-MEDICARE. We’ve also rounded up Medicare marketing tactics that are red flags.
2. The ‘Social Security raise’ you have to verify
Your cost-of-living raise is automatic. You don’t need to do anything to get it, according to the Social Security Administration’s inspector general.
So any message telling you to confirm your information, pay a fee or click a link to claim your 2027 raise is a con. Social Security says it will never ask for sensitive or personal information through social media, email or text.
The real notice arrives by mail in December, and in your my Social Security account’s message center.
3. The ‘fraud department’ that wants you to move your money
This is the most expensive impostor out there. People reported losing about $1 billion to bank impersonators in 2025, the most of any business impersonation, according to the FTC.
The pitch: There’s suspicious activity on your account, and you need to move your money to a “safe” account right now. The FTC’s rule of thumb is short enough to memorize: Never move your money to protect it. That’s a scam.
No real bank will ask you for the verification code it just texted you. Hang up and call the number on the back of your card or on your statement.
Quick aside — most internet financial advice comes from people who weren’t alive during the last recession. I’ve been writing about money for more than 35 years. Want rock-solid advice? Sign up for the free Money Talks Newsletter. Takes 10 seconds. No fluff. No spam.
4. The surprise refund from Amazon or another retailer
A message says an item you bought failed a quality inspection or was recalled, and you’re getting a refund — no return needed. Just click the link.
That link leads to a fake site built to steal your login and payment information, the FTC warns.
Don’t click. Log in to your account directly, through the app or a website you type in yourself, and check your orders. If the refund’s real, it’ll be there. Forward scam texts to 7726 (SPAM).
5. The celebrity who wants to make you rich
A famous face in a video ad swears by a new investing app or crypto platform. The video may be a deepfake, and the platform may be fake, too.
Investment scams on social media are the most costly. More than half of the $2.1 billion lost to social media scams in 2025 came from fake investment pitches, the FTC reports.
The SEC’s investor-education site puts it plainly: A celebrity endorsement doesn’t make an investment legitimate. Guaranteed high returns with little risk are a classic warning sign. Here are more ways to spot a celebrity impersonation scam.
6. The government grant nobody applied for
A post or direct message says you qualify for a government grant, stimulus payment or benefit — you just have to pay a small processing fee first.
The FTC says the government won’t call, text, email or reach out on social media about a grant. Real federal grants are listed for free at Grants.gov. Anyone asking for a fee, your Social Security number or payment by gift card, wire or crypto is a crook.
If you already clicked or paid
Act fast. Call your bank or card company, change your passwords, and report the scam to the FTC at ReportFraud.ftc.gov.
If you handed over personal information, go to IdentityTheft.gov for a step-by-step recovery plan, and consider freezing your credit. If you’re worried about what a thief could do with your data, you can compare identity protection services in our Solutions Center.
Want the FTC to hear from you? Once its notice is published in the Federal Register, you’ll have 60 days to comment at Regulations.gov on whether the platforms should do more.
And for defenses that work even on your worst day, read “The Scam Defense That Works Even When You’re Tired, Sick or Distracted.”
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