In Detroit and beyond, social media scams have resulted in significant financial losses. The Federal Trade Commission reports that such scams caused over $90 million in losses last year. A substantial portion of people who lost money due to scams said the interaction began on social media.

The FTC noted a considerable increase in these losses since 2020. Further details on the types of scams and affected age groups are available from the Federal Trade Commission, including a breakdown of losses by social media platform.