People lost more money to scams that started on Facebook than on any other platform. WhatsApp and Instagram came in a distant second and third.

Losses started on Facebook alone topped all text message scams. They topped all email scams, too. Every age group now loses more money through social media than any other way scammers make contact.

Why? Because scammers use the exact same ad tools legitimate businesses use. They pay Facebook to target you by age, interests and shopping habits. They buy your data to learn what you’ll fall for. And they hijack your friends’ accounts, so the pitch comes from a face you trust.

The damage breaks down like this:

Investment scams took $1.1 billion, more than half the total, usually starting with an ad promising to teach you how to invest.  Shopping scams were the most common. Over 40% of victims ordered something from a social media ad that never showed up.  And 60% of romance scam victims say it started on social media.

Lock it down

1. On Facebook, go to Settings & privacy > Settings.Scroll to Audience and visibility.Tap or click Posts.Set Who can see your future posts? to Friends.

2. Then, go back to Settings & privacy > Settings > Audience and visibility. Open How people find and contact you. This is important. Set Who can see your friends list? to Only me.