The social media platform Truth Social, launched by the Trump Media & Technology Group (TMTG) in 2022, has become a breeding ground for online scams, as highlighted by recent analysis conducted by security researchers.
According to investigators at Netcraft, the platform has seen a surge in scam activities, with over 30 fraudulent messages detected within a few hours of creating a single account on Truth Social. This alarming trend is largely attributed to the platform’s group-oriented structure, which makes it easier for scammers to target a large number of users simultaneously. Some of these groups boast memberships exceeding 100,000 users, providing scammers with a wide pool of potential victims.
Among the various scams observed on Truth Social, advance fee fraud schemes stand out, where victims are coerced into sending money upfront, with scammers requesting amounts ranging from $250 to as high as $1,000. Additionally, romance and investment scams are rampant on the platform, with fraudsters employing tactics to build trust before persuading victims to invest in phony platforms.
Notably, security researchers have also flagged the activities of a Central European, French-speaking threat actor who leverages multiple Truth Social accounts to disseminate phishing links. These phishing campaigns typically impersonate well-known brands such as Spotify, Netflix, and Disney+ in a bid to pilfer users’ login credentials and financial information. Since March 2024, this threat actor has reportedly shared over 500 phishing messages using seven different accounts on Truth Social.
One common phishing tactic involves sending deceptive emails claiming that a subscription has expired, leading unsuspecting victims to click a link that redirects them through Truth Social to a counterfeit login page. Those who fall for this ruse often end up compromising their bank details, falling prey to financial fraud.
The Federal Trade Commission (FTC) has sounded the alarm on the growing prevalence of scams originating from social media platforms, resulting in reported losses exceeding $2.7 billion since 2021. This underscores the urgent need for heightened vigilance and proactive measures from both users and platform operators to combat these malicious activities effectively.
Security experts advocate for enhanced user education to help individuals recognize and avoid scams, as well as the implementation of stringent content moderation policies and advanced detection technologies to swiftly identify and eradicate threats. By taking collective action, users and platform administrators can work together to create a safer online environment and thwart cybercriminals seeking to exploit social media platforms for illicit gains.