What is a targeted social media scam?

Over the past few years, social media financial scams of multiple varieties have become more frequent. In fact, Citadel members have been targets of social media scams, and this scamming continues to occur across multiple regions and involves a variety of financial institutions.

One of the most common types of social media scams is when an individual is asked to surrender personal information in order to provide access to their bank account(s). The fraudsters tell the victim they will deposit money into their accounts, then deposit fraudulent checks via ATMs. These scams are sometimes positioned as “work from home” opportunities to make money.