Social media helps create personal and business connections such as individuals seeking job opportunities or startups looking for capital. Scammers know how to use social media for new prospects as well.
The San Diego-based Identity Theft Resource Center reported that LinkedIn, and its 500 million users, is one of those trustworthy social web sites that scammers use to cause potential victims to let their guard down and fall victim to a bogus loan scam.
In 2017 there were 30,034 reports of loan/lease fraud alone, according to the FTC, so finserv organizations need to worry about the rip-offs and the black mark it leaves on the industry even if they are not directly – or indirectly – involved.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
