FTC: FTC analysis shows COVID fraud thriving on social media platforms

FTC: FTC analysis shows COVID fraud thriving on social media platforms. “With more than a century of consumer protection experience under our belt, we at the FTC know that hard times for American families can be boom times for scammers. Today’s COVID-19 pandemic is the latest crisis creating fertile ground for fraud – and scammers today have a new and powerful weapon: social media platforms. These platforms generally earn their revenue by targeting users with advertising. The more time we spend on platforms consuming content and revealing valuable personal information, the more that platforms profit by having information to target ads. So, the algorithms tend to favor content that drives engagement, which, in turn, leads to still more information gathered to target ads and to further refine their algorithms.”

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