The Economic Impact of Social Media Fraud and it's Remedies

Abstract

This paper presents the economic impact of social media fraud in Bangladesh and its IT-based prevention model. Online privacy and security problems become a big concern of online day by day. Many types of problems growing up here, for example, phishing, hacking, sabotage, etc. Social media is a popular and powerful tool to express personal life and also business purposes in Bangladesh. Social communicating websites such as Facebook, Twitter, WhatsApp, and LinkedIn are popular social sites. Facebook is the most popular one. By these media people communicate with their other friends, family and share thoughts, photos, videos and lots of data and also many types of business and commerce have developed on social media. Presently, people just depend on it, so it’s marketing value increases day by day well. As well as some Tech fraud groups have been formed and wake up to hack money in some tricky way in this big virtual society. At present, social media is one of the key areas for fraudsters. We will show in this paper based on our study in two ways, (i) how much money is being spent through it; (ii) IT-based prevention model of this problem.