Facebook has become a social media giant since it launched in 2004. The site is so popular, there are approximately 2 billion active monthly users worldwide. That's amazing!
With that incredible number of active users, the site is bound to be a major target for cybercriminals. While a few of the scams you'll find on the site are harmless, there are others that can actually cause serious problems.
That's why you need to know about these five dangerous Facebook scams that could be putting you at risk.
1. Work-from-home scam
Facebook uses an algorithm to track users so it can provide targeted ads. It keeps track if you click "like" on something, or tag photos from specific locations and uses this information for marketing purposes.
What's happening now is, work-from-home scams are showing up on News Feeds that look like legitimate businesses. You might see a "Suggested Post" on your News Feed that promotes Binary Options, a get rich quick scheme. Here's an example of what it looks like:
These Binary Option schemes claim to have the secret to getting rich from certain stock investments. However, financial experts say unregulated investment platforms like this are more like a form of gambling and not actual investing.
Many of these work-from-home posts are just scams, trying to convince users to open an account with a specific broker. The person who created the post on Facebook gets paid a commission when they get new users to sign-up.
The problem with these ads is many people believe they are real business models because Facebook allows them on your News Feed. Once Facebook shows you a targeted ad, it should be safe to assume it's not a scam.
However, that doesn't seem to be the case. As long as the ad isn't promoting an illegal venture, it can make it through the vetting process.
If you see a targeted ad promoting a get-rich-quick scheme, your best move is to just pass it by. Remember, there really isn't a way to beat the system.