Social Users of Truth Social Suffer Significant Financial Losses Due to Deceptive Schemes
In 2022, Truth Social, the social media platform founded by former President Donald Trump, became a popular destination for MAGA fans seeking a liberal-free zone. However, the platform's allure wasn't just its political leanings – it was also the only place where Trump could share his unfiltered rants. Unfortunately, Truth Social also became infamous for another reason: scams that swindled users out of substantial sums of money.
Thanks to a Freedom of Information Act (FOIA) request filed by Gizmodo, we now have access to consumer complaints filed against Truth Social with the Federal Trade Commission (FTC) in the past two years. The complaints paint a troubling picture of elderly Trump supporters falling victim to scams, losing hundreds of thousands – even millions – of dollars.
One such individual reported losing $170,000 after being promised help to recover money lost in another scam. The victim first encountered the con artist on a different platform but was introduced to Truth Social, where the scammer claimed to be able to help recover the lost funds. Unfortunately, this was just the opening act to a more elaborate con, which ultimately drained the victim's bank account.
hang out without any liberals to spoil the fun. The biggest selling point? It was the only place where Trump was personally posting his unhinged screeds after getting banned from Twitter over that whole coup attempt. But new documents obtained by Gizmodo reveal the site has also been flooded with scammers who are swindling users out of enormous sums of money. We’re talking about people who’ve lost hundreds of thousands of dollars in a relatively short period of time.
Other victims reported being scammed through direct contact on Truth Social. After being contacted on the platform, they were then directed to communicate through platforms like WhatsApp, where the scams continued.
Many of the scams revolved around cryptocurrency, using techniques like pig butchering – a method of gaining someone's trust while encouraging them to invest larger and larger sums of money, all while leading the victim to believe they're making wise investments. The strategy is particularly effective on Truth Social, given the platform's older user base of Boomers with access to substantial savings and retirement accounts.
Truth Social filed in the past two years. The complaints to the federal agency include some stories from people who’ve been banned from the site (unjustly, they claim) and others who say they got signed up for mailing lists they never wanted to be on in the first place. But the complaints about scams are the most shocking, if only because there are such large sums of money involved. And we’re publishing a sample of the full, unedited complaints below.
In many cases, the victims were first contacted on Truth Social before being persuaded to move the conversation to other platforms, making it difficult for authorities to intervene. By the time some individuals realized they had been scammed, their losses were significant.
One 72-year-old man admitted to chatting with a "beautiful" woman on the site and losing $21,000 as a result. Another individual in their 60s reported losing $500,000 to scammers on Truth Social, still hoping there might be a way to recover their assets.
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Unfortunately, the scammers often use tactics such as providing fake website URLs that allow them to monitor the victim's actions and extract even more money. The scammers might even show the victim a balance in their account, creating the illusion of growing funds, ultimately encouraging the individual to invest more.
The FTC has warned that these scams are not limited to Truth Social; they are found across social media platforms, including Facebook and Instagram. Trump supporters may be particularly attractive targets for scammers, as many trust figures associated with the movement and may be more likely to fall for convincing but fraudulent pitches.
Grindr with FOIA requests to the FTC. But the scams happening on Truth Social appear to be most commonly pig butchering, a method of gaining someone’s trust while getting them to give you increasingly large amounts of money, all while making it seem like the victim is making wise investments. Truth Social, with its older user base of Boomers who have access to a lifetime of savings and retirement accounts, appears to be an attractive target for scammers running pig butchering operations.
Despite numerous complaints, Truth Social has not publicly acknowledged the problem or disclosed specific actions being taken to prevent scams on the platform. The company reached out to Gizmodo in response to their report but declined to comment, claiming they have a "robust team" in place to detect and ban scammers as soon as they're found.
Regrettably, the reality is that scams affect people of all ages and demographics on all social media platforms. It's essential to stay vigilant and be aware of common scam tactics, including the ones described in this article. Regularly review your bank statements, monitor your online activity, and avoid sharing sensitive information with strangers. By staying informed and cautious, you can help protect yourself and your loved ones from falling victim to scams.
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- In the future, tech experts advise using caution on social media platforms like Truth Social, as they may be targeted by scammers utilizing pig butchering techniques, particularly on platforms popular among older users with substantial savings and retirement accounts.
- The redacted details of the Freedom of Information Act (FOIA) request filed by Gizmodo reveal that Truth Social has been flooded with complaints about scams, with victims losing substantial sums of money through direct contact on the platform and subsequent communication on other platforms like WhatsApp.
- During the 2024 political campaigns, Twitter and other social media platforms may face scrutiny due to the impact of scams on vulnerable user demographics, with some politicians calling for increased regulation to address this issue.
- Prescription for protecting oneself from social media scams includes regularly reviewing bank statements, monitoring online activity, and avoiding sharing sensitive information with strangers, ultimately encouraging users to stay vigilant and cautious when using technology to communicate.
