Vice President Vance will host state attorneys general at the White House to discuss the fraud task force’s next steps, focusing on coordinated enforcement of cross-state fraud cases.

The US Federal Trade Commission (FTC) released new data on April 27 revealing that American consumers reported losses of $2.1 billion to social media-related scams in 2025, setting a new record. The figure underscores the growing challenge that social media platforms face in combating financial fraud.

According to TechCrunch, the data was compiled from the FTC’s Consumer Sentinel Network, which aggregates fraud complaints from across the country. The most common forms of social media fraud include fake investment schemes, phishing through impersonated customer service accounts, romance scams, and frauds leveraging AI-generated deepfake content.

The report noted a roughly 35% increase in social media scam losses compared to 2024. Notably, the share of scams using AI-generated fake identities and content has risen significantly. Scammers are increasingly deploying deepfake videos and voice-cloning technology to impersonate public figures or victims’ friends and family, thereby building trust and extracting funds.

The director of the FTC’s Bureau of Consumer Protection stated: “Social media scams are becoming increasingly sophisticated, with criminals leveraging artificial intelligence and big data tools to precisely target potential victims. We urge the public to exercise extreme caution when it comes to any money-related transactions on social media platforms.”

The report also found that Gen Z and millennials are the primary victims of social media scams, correlating with younger demographics’ heavy reliance on these platforms. The most frequently reported scam vectors include Instagram, Facebook, TikTok, and X (formerly Twitter).

In response, several major social media platforms have pledged to strengthen their anti-fraud measures. Experts recommend that users enable two-factor authentication, exercise caution with unsolicited investment advice, and verify the source of any transfer requests. Meanwhile, lawmakers are pushing for stricter social media platform liability regulations that would require platforms to proactively monitor and remove fraudulent content.

Source: TechCrunch, FTC