Users of Donald Trump‘s social media network, Truth Social, are reporting being scammed out of large amounts of money by people they meet through the site.
According to FTC complaints obtained by Gizmodo through a Freedom of Information Act (FOIA) request, some Truth Social users have reported losing tens of thousands of dollars and as much as half a million through cons that start on the social platform. One man wrote that he lost $21,000 while chatting with a “beautiful” woman he met on the site who claimed to be a wealthy entrepreneur. “I haven’t told my wife about this blunder. She still doesn’t know about it,” he said in his complaint.
The scams vary in their pretense, ranging from romance schemes to fake cryptocurrency investment scams also known as pig butchering. In pig butchering, the scammer assumes a fake identity, builds trust with a target, and then convinces them to invest increasing amounts of money into cryptocurrency. The scammer promises high returns on the investment and will direct the victim to a website that appears to be a banking site where it looks like their investment is growing, enticing them to send more money. But when the target tries to withdraw their funds, the scammer disappears and cuts off contact. This kind of con has become so rampant, the FBI issued a warning about them in 2023.
One person from Tennessee reported that they were scammed out of money on another site and then given a link to Truth Social by someone promising they could get their money back. But first the scammer requested the victim send ten percent of the money they lost up front to retrieve his funds. “They said they were delivering a debit card for my account, it never came!” the person wrote in a complaint to the FTC. “I questioned it but they then said when my account reached 20,000 i would get one. I refused to add any more funds to my account after that! The lady is still harrassing [sic] me on truth social!”
A victim in North Carolina reported a con artist contacted him on Truth Social to tell him about “Elite Republican Trades,” which the scammer claimed had “well-known investors namely President Trump (co-founder), Dan Bongino, Devin Nunes, and many more.” After sending the scammers $150,000 to invest in cryptocurrency, the victim was unable to make any withdrawals, so they stopped sending money and contacted the FTC.
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Many of the targets are part of the Baby Boomer generation, meaning they are likely taking money out of retirement savings to send to these con artists. “I ended up sending $21,000,” one victim wrote. “I can hardly believe I did that but she was very persuasive. I am 72 years old and probably just too gullible and lonely at this point in my life.”
Trump himself has been hoping to capitalize on his followers’ gullibility by shilling near-worthless products at inflated prices, including Trump Coins (which the former president says are “a true symbol of American greatness”), NFT digital trading cards, a crypto business called World Liberty Financial and a $100,000 Trump-branded gold, diamond-encrusted tourbillon watch. It seems like the scammers on his site are just following suit.
Misinformation on social media
A thought-provoking question for a debate around the issues raised in the article about scams on Truth Social could be: “What responsibilities do social media platforms have in preventing and addressing fraudulent activities among their users?”
This question invites discussion on several important topics:
- Platform Accountability: Should Truth Social and similar platforms implement stricter regulations and monitoring systems to identify and shut down fraudulent accounts? What measures could be effective in protecting users?
- User Responsibility: To what extent are users responsible for their own financial safety when engaging with others on social media? Are individuals who fall victim to scams equally to blame for their lack of vigilance?
- Regulatory Measures: What role should government agencies, like the FTC or FBI, play in overseeing social media platforms to combat scams? Should there be legislation requiring platforms to take immediate action against reported scams?
- Impact of Online Communities: How do social dynamics within platforms like Truth Social contribute to the proliferation of scams? Does the environment encourage trust, or does it facilitate deceit?
The article highlights alarming statistics about financial losses suffered by users through various scams on the platform, ranging from romance schemes to elaborate investment frauds described as “pig butchering” [2[2[2[2[2[2[2[2]<a href="https://m.imdb.com/news/ni64870543/?ref=nwsnwr_li”>[3[3[3[3[3[3[3[3]. This could serve as a critical point for discussion about how different stakeholders can work together to create a safer online environment.
Here are some relevant PAA (People Also Ask) questions related to the topic of accountability among platforms regarding scams and user protection:
Ilar platforms be held accountable for the scams that occur among their users, and what measures should they implement to protect their community?
This question underscores the balance between user responsibility and platform accountability in the digital age and opens the floor for a nuanced examination of how best to protect users from fraudulent activities.
