Over the past five years, there has been an exponential increase in the number of consumer reports and the amount of monetary loss involving scam ads on social media. The Federal Trade Commission (FTC) recently reported an alarming increase involving Facebook scam ads.
According to the FTC, the majority of reported scams were often related to online shopping. After purchasing products online through Facebook ads, consumers reported that they did not receive the products they paid for and that refund options were unavailable.
FAKE FACEBOOK ADS HAVE SKYROCKETED
Since the COVID-19 pandemic hit, reports of fraudulent activity on Facebook have skyrocketed. In 2019, Facebook users reported losing a total of about $134 million due to fake ads on the platform. This number is staggering by itself, and the projections for monetary loss due to fake ads in 2020 are looking even worse. In the first six months of 2020 alone, consumers reported a loss of about $117 million due to Facebook’s fake ads. This means that the first half of 2020 saw an amount of monetary loss that nearly matched the total amount of monetary loss that occurred throughout the entire year of 2019. The FTC projects that 2020 will easily surpass 2019 in terms of monetary loss due to fake Facebook ads. At this rate, 2020 will likely see almost double the amount of monetary loss seen last year.
CONTACT US IF YOU HAVE BEEN SCAMMED
Shub Law Firm specializes in protecting consumers against deceptive business practices and consumer fraud. If you believe you have been scammed by a fake Facebook ad, we’re here to help you fight back and get the justice you deserve. Contact us now for a free consultation. You can reach us by email at email@example.com or give us a call at 856-772-7200. Shub Law Firm is a national leader in representing consumers, just like you, who have been scammed by companies that put profit over their customers. Our experienced class action attorneys are here to help you get justice. Contact us now!