Scams Plague Truth Social, Costing Users Thousands

Users of former President Donald Trump's social media platform, Truth Social, have reported being victims of various scams that have cost them significant sums of money. According to complaints obtained by Gizmodo, some Truth Social users have lost tens of thousands of dollars, and in some cases, up to half a million dollars, through cons that originate on the platform.

Exposing the Deception: Scams Targeting Truth Social Users

Pig Butchering Schemes and Fake Cryptocurrency Investments

The scams perpetrated on Truth Social take on various forms, including romance schemes and fake cryptocurrency investment scams, also known as "pig butchering." In these cons, the scammer assumes a false identity, builds trust with the target, and then convinces them to invest increasing amounts of money into cryptocurrency. The scammer promises high returns on the investment and directs the victim to a website that appears to be a legitimate banking site, where it seems like the investment is growing. However, when the target tries to withdraw their funds, the scammer disappears and cuts off all contact. This type of scam has become so prevalent that the FBI issued a warning about it in 2023.One victim from Tennessee reported being scammed on another platform and then being given a link to Truth Social by someone promising they could get their money back. However, the scammer requested the victim send 10% of the lost funds upfront to retrieve the funds, but the promised debit card never arrived. The victim refused to send any more money and was subsequently harassed on Truth Social by the scammer.

Exploiting the Vulnerable: Targeting Older Generations

Many of the victims of these scams are part of the Baby Boomer generation, meaning they are likely taking money out of their retirement savings to send to the con artists. One victim, a 72-year-old, admitted that he had sent $21,000 to a "very persuasive" scammer he had met on Truth Social, stating, "I can hardly believe I did that, but she was very persuasive. I am 72 years old and probably just too gullible and lonely at this point in my life."

Dubious Schemes and Inflated Prices: Trump's Questionable Business Ventures

It seems that the scammers on Truth Social are taking a page from former President Trump's own playbook. Trump has been known to capitalize on his followers' gullibility by shilling near-worthless products at inflated prices, including Trump Coins (which he claims are "a true symbol of American greatness"), NFT digital trading cards, a crypto business called World Liberty Financial, and a $100,000 Trump-branded gold, diamond-encrusted tourbillon watch. The scammers on his site appear to be following a similar strategy of exploiting the trust and loyalty of Trump's supporters.

Unraveling the Truth: Exposing the Deception on Truth Social

The reports of scams on Truth Social highlight the dangers of social media platforms that lack robust security measures and oversight. As users seek community and connection on these platforms, they can become vulnerable to predatory individuals who seek to take advantage of their trust and goodwill. The FTC complaints obtained by Gizmodo provide a sobering glimpse into the financial and emotional toll these scams can take on unsuspecting victims.The prevalence of these scams on Truth Social raises questions about the platform's ability to protect its users and the responsibility of its leadership to address these issues. As the platform continues to grow, it will be crucial for Truth Social to implement stronger safeguards and transparency measures to prevent further exploitation of its users.