As we continue to digitize most parts of our day-to-day lives, we inadvertently create room for malicious individuals to exploit. While we socialize, do business, and search for love online, cybercriminals exploit the loopholes that exist in these online activities to wreak havoc on our finances.

Owing to widespread awareness, common internet scams like the infamous “Nigerian prince” fraud are now easily discerned by potential victims. Unfortunately, scammers have evolved and now employ more sophisticated tactics to defraud their victims. And social media plays a key part in that. Here’s what you need to look out for, and how to spot online scams.

1. Instragam Celebrity Scam

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Although largely unnoticed, Instagram celebrity scams are one of the most financially costly examples of fraud on the internet. Unlike most scams that involve small amounts of money, this type of scam—typically orchestrated on, but not necessarily isolated to, Instagram—is designed to hit victims hard in one swoop.

Scammers set up fan pages for popular celebrities and pay some underground service providers to get lots of followers,…

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