In the News
Another social media platform is taking action against the financial risks of using its platform. In Twitter details new policies designed to crack down on financial scams, Sarah Perez at TechCrunch discusses how Twitter is implementing a concrete policy for preventing financial scams following a plethora of scams such as the PayPal scam, crypto-currency scams, and phishing scams. Perez explains that if users fail to abide by these policies, their accounts will be permanently suspended.
Our Take
Although Twitter’s actions come in the wake of numerous complaints and controversy surrounding their lack of scam protection policies, its implementation is a step forward in protecting users from falling prey to these financial scams. Financial scams themselves can be detrimental and any support or aid that users can get from a platform helps reduce the diligence strain on consumers to be the only one looking out for themselves. Despite all of the positives of social media platforms, they have become a breeding ground for manipulation, fake accounts, and scams of all types. Twitter’s new policies will help to reduce the risk of financial scams succeeding in stealing user’s money.
Recommendations
How can you protect the privacy of your personal information?
- Be cautious when using social media platforms…not all users have good intentions
- Avoid clicking directly on links, whether in email or social media – always search through your search engine to verify legitimacy and find the appropriate site
- Check your email, financial accounts, and credit reports regularly for abnormal activities
- Stay up to date on the news regarding recent fraud and phishing attacks to see if you may have been affected