How to protect yourself amid spike in social media scams

CHICAGO (WLS) -- There's a huge spike in social media scams.

A recent Federal Trade Commission report finds victims lost $2.1 billion to scams that started on social media last year. That's eight times higher than in 2020.

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The biggest losses came from investment scams, followed by shopping and romance scams.

The cybersecurity group Aura and the FTC say you should beef up privacy settings so scammers can't use your personal info against you.

Never invest with anyone you've only met on social media.

Never send money to anyone you are talking to romantically.

Before buying from a social media ad, do your research. Search the company name along with the words "scam" or "complaint."