Identity Verification Tools – Line of Defense Against Social Media Scams

In less than a generation, social media platforms that were once a source of direct information exchange have now become a virtual village for global interactions. With over 4.62 billion active users, these online sites face an increased risk of fraud. Social media scraping, data breaches, identity theft, money filling, and others are to name a few. 

Social media platforms serve as mediums for interactive learning, collaborations, expressing opinions, and interacting with individuals around the globe. However, these potencies are attracting criminals to carry out various malicious activities. Keeping this in view, regulatory bodies such as the EU are mandating ID verification for online communication platforms before customer onboarding. This blog entails major social media scams and their countermeasures. 

Prevailing Social Media Fraud Risks to Look Out for

Individuals are spending more time on social media platforms such as Meta, Twitter, Instagram, and others instead of physical interactions. Simultaneously, con artists are also making their way to these sites for exploiting legitimate users. These involve a variety of scams ranging from fraudulent funding and scrapping to manipulating IDs for synthetic identity fraud. Similarly, by announcing fake giveaways, criminals compel users to reveal their personal and financial information. 

Keeping the noticeable increase in social media scams under view, regulatory bodies such as the EU are obliging particular platforms to carry out accurate identity verification. However, fraudsters are figuring out ways to bypass these checks and commit the following scams:

Social Media Scraping

Users often overshare information on social media which is sure to attract and expose them to cybercriminals. Fraudsters use scraping techniques to escape identity theft protection checks and get their hands on personal information by automatically extracting it through bots. While this is an advantage for users to easily and effortlessly obtain information, it simultaneously helps criminals manipulate legitimate users’ identities. Furthermore, they steer clear of the ID verification process by using stolen data. 

Social media platforms need to integrate identity authentication solutions to eliminate cybercrimes while enhancing the data security of individuals. Social media scraping provides access to financial accounts as well as directs both banks and individuals under legal repercussions. This requires online platforms to verify users prior to their digital onboarding. 

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Rewards, Contests, and Giveaway Scams

Scammers create or hack websites to circulate fake advertisements announcing a high-value lottery or giveaway. For this, they also create shell vendors that further add in attracting global users. Upon their arrival to claim free food for the month, gift cards, shopping of a defined amount, and cash prizes, users provide personal information. This data is then used by scammers to commit identity theft and avail illicit benefits.

In order to save users from reward scams, social media sites need to integrate efficient identity verification services. Fraudsters manage to collect enough shares and positive reviews to increase the worth of their website. However, many of these are fake or paid to conceal malicious intentions. Hence, ID verification services countermeasures for fraudulent sweepstakes, giveaways, and other such prize-promising schemes.

External Breaches

Data exposure is one of the most prevalent fraud risks social media sites are facing since they started experiencing high-paced adoption. Users uploading pictures of their documents such as medical test reports, licenses, ID cards, and others are near to external breaches. Cybercriminals hack into social media accounts by easily assessing passwords and PINs. Facebook faced the biggest data breach that took place in 2021 which exposed the personal data of more than 500 million users. 

Identity verification has become a liability for social media sites in order to restrict fraudsters from creating accounts. Hence, for improved accuracy, social media sites should establish biometric identity verification systems. With solutions such as facial validation, voice recognition, iris/retina scans, gesture analysis, and liveness detection, online platforms can ensure the presence of users at the time of logging into accounts. 

Money Flipping 

Scammers are well aware of the schemes that will attract more users such as get-rich-quick offers. By advertising money-flipping fraud, criminals easily avail individuals’ financial details like bank account numbers, credit/debit card information, and PINs. Ultimately, scammers can use this data to either apply for loans, perform high-value illicit transactions, or withdraw money. 

To eliminate fraud instances from happening, social media sites need to integrate ID verification services. AI-powered identity authentication solutions help mitigate criminal efforts and provide users with a secure interacting environment. 

In Summation

Incorporating identity verification services has become a must-have for social media sites as they experience a noticeable increase in scams. They are exploiting the integrity and worth of online platforms. It further adds to user drop-off and in worse scenarios, increases the risk of legal proceedings. Hence, in overcoming criminal threats, identity verification solutions are social media sites’ reliable bet.

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