Truth Social, launched in 2022 by former President Donald Trump, was designed as a safe space for his supporters to express their views without liberal opposition. Marketed as the exclusive platform where Trump actively engaged with followers after his Twitter ban, it has become a gathering place for many loyal fans. However, recent revelations indicate that the platform has also attracted a disturbing number of scammers, resulting in significant financial losses for many users.
Documents obtained by Gizmodo via a Freedom of Information Act (FOIA) request to the Federal Trade Commission (FTC) reveal that scammers have infiltrated Truth Social, preying on its users. Many victims have reported losing life-changing amounts of money in a short time, some exceeding hundreds of thousands of dollars. The complaints submitted to the FTC expose a range of issues, from unjust bans to unwanted subscriptions, but the most shocking reports detail users being defrauded of substantial sums.
Elderly Users at Greater Risk
A worrying trend has emerged: many victims of these scams are elderly supporters of Trump. For instance, a 72-year-old man disclosed losing $21,000 after conversing with a woman he met on the platform. He admitted, “I haven’t told my wife about this blunder. She still doesn’t know about it.” Another user, in their sixties, lost a staggering $500,000, expressing false optimism by stating, “After I pay this, they promise there will be no more fees, and I will receive my assets.”
What’s particularly alarming is that many users don’t fully grasp the deceit behind these scams. Scammers often create a false sense of security, showing victims fake accounts displaying large balances. These fabricated accounts lead victims to believe their investments are growing when, in fact, the money has disappeared. The illusion encourages them to invest even more.
The ‘Pig Butchering’ Scam Method
A prevalent scam method seen on Truth Social is called “pig butchering.” This technique involves scammers slowly gaining the victim’s trust while encouraging them to invest larger sums. All the while, they paint a picture of profitable investments, which is a complete facade. With an older user base that often consists of retirees with savings, Truth Social has unfortunately become an attractive target for these deceitful operations.
One case highlights this vulnerability: a Tennessee resident lost $170,000 after being approached by someone who claimed they could help recover money lost in a previous scam. Tragically, this too was part of a larger scam. Victims are often urged to move their conversations from Truth Social to more private messaging apps, like WhatsApp, where scammers can manipulate them more easily.
Significant Financial Impact
The financial impact of these scams is staggering. Reports show individual losses ranging from tens of thousands to hundreds of thousands of dollars. Along with the Tennessee victim, others include a Minnesota resident who lost $500,000 and a New Yorker who lost $168,000. These accounts reveal a worrying trend of deception, indicating a coordinated effort to exploit vulnerable users.
Though the FTC redacted personal details from the complaints shared with Gizmodo, the patterns suggest genuine cases of fraud. Many victims are older individuals who may be less aware of modern scamming tactics, underscoring the serious financial harm inflicted upon Truth Social users.
Wider Implications Across the Internet
While these scams are particularly prevalent on Truth Social, they are not confined to this platform. Fraudulent schemes like pig butchering are widespread across the internet, appearing on major social media sites such as Facebook and Instagram. Scammers take advantage of users’ trust, often presenting themselves as credible individuals or organizations. Even savvy internet users can fall prey to these sophisticated tactics.
Truth Social’s demographic—primarily Trump supporters—makes it a particularly appealing target for fraudsters. The platform’s reputation as a haven for dedicated followers may further embolden scammers to exploit those who are emotionally and financially vulnerable.
