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Researchers find 450,000 financial scams operating on social media

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Financial scams have doubled in the past year on social media but only a small pool of cyberattackers appear to be behind the surge.

According to ZeroFOX researchers, around 250,000 finance and banking scams were lurking on social media platforms including Twitter and Facebook in 2016, but now, this estimate has almost doubled having reached a total of 437,165 fraudulent campaigns.

On Thursday, the cybersecurity firm released a new report titled, "External social and digital threats to financial institutions."

Within the paper, the firm's researchers say that if every scam claimed one victim on average, this would equate to $180,986,310 in total global losses due to social media-based financial scams.

This does not appear to be the case in reality, but the sheer number of scams on social media designed to target financial data, bank accounts, and cash funds still do pay.

Based on reported incidents and losses, the average victim ends up losing $414 per scam,...(continued)

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