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SCARS™ SCAM NEWS: Social Media: The New Public Square for Fraudsters
Twitter CEO, Jack Dorsey, spoke perhaps one of the most memorable references to social media when he dubbed it the new “public square.” It is true that social media has become the gathering place for all kinds, yet it is not always the right kind. Fraudsters and hackers have been flooding the social scene in recent years, coming together to sell and trade illicit goods. If you search for “botnet,” “hacking,” “CVV2,” or any other cybercrime-related term on most social media platforms, you will be surprised to find a plethora of fraud groups and cybercriminal activity operating in plain sight.
What started out a few short years ago as random posts trading stolen credit cards or hacking tips and the setup of fake business pages has spread like a common virus to nearly every popular social media platform. In 2018, social media fraud attacks increased 43 percent, and fraudulent accounts were reported to outnumber real business accounts.
The power of modern social media and networking platforms to keep exclusive communities of like-minded people connected continue to be co-opted by fraudsters looking to take advantage of the anonymity, usefulness, and global reach of these applications to profit. Fraudsters continue to expand their activities to new platforms including WhatsApp, Telegram, Instagram, Twitter, Snapchat and others. You can even find an abundance of cybercrime tutorials on YouTube.
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