The Reality of Social Media Influence: Unmasking the World of Fake | by LeaLi | Jun, 2023

Social media platforms have become an integral part of our lives. They serve as a platform for self-expression, a source of news, and a tool for businesses and influencers to reach their audience. However, with the rise of these platforms comes a growing concern — the proliferation of fake social media accounts. These accounts often impersonate your favorite brands or influencers, spreading misinformation, scamming users, and even influencing stock prices. They can significantly damage a brand’s reputation and trust with its customers.

Social media has become remarkably important, so much so that it is not unusual anymore for an individual to gain money through monetized content on any given platform. Some can even rely and are dependent on social media to entirely secure their livelihood. Unsurprisingly therefore, is the desire for a large number of followers. This insatiable thirst for fame and influence has led to the rise of influencers who command a large following and can earn substantial income from their posts. In 2022, influencer marketing spending reached a staggering $4.14 billion, marking an increase of around a billion dollars from the previous year’s numbers.

However, this desire for fame and influence has a dark side. The issue of fake followers is a significant one in the world of social media. It’s estimated that between 5–30% of Twitter followers are fake, which may include bots, inactive users, spam accounts, propaganda, and non-engaged or unreal users. Meanwhile, Instagram, the platform where businesses and influencers flourish, has seen its own fair share of fake followers. For instance, Jay Alvarrez, a self-made Instagram star, had upwards of 36% of his 6.8 million followers believed to be fakes. In fact, Instagram even had to introduce authenticity measures to crack down on faux accounts. But how bad really is the platform’s users account authenticity?

This market for fake followers is also substantial. According to the Federal Trade Commission, consumers reported losing nearly $8.8 billion to scams in 2022, which encompasses the financial losses from purchasing fake followers. Fake followers can also damage the reputation of influencers and brands. A high percentage of fake followers can lead to a loss of trust from real followers and potential business partners.

Fake accounts do more than just inflate follower counts. They mimic the brand’s profile, use variations of the brand name, and try to replicate the brand’s social media presence to fool you into thinking you’re interacting with the brand’s official channels. For example, fake accounts have posed as tax office workers, asking for personal details or directing users to phishing links. In another instance, a fake account announcing free insulin led to a drop in a company’s stock price.

So, how can we protect ourselves? Here are some tips:

1. Monitor social media on an ongoing basis.
2. Set up Google alerts for your favourite brands.
3. Learn to recognize a brand’s unique voice and aesthetic.
4. Check if the brand’s account is verified on all major platforms.
5. Have a plan in place in case you come across a fake account.
6. Be wary of accounts with a high follower-to-following ratio, as this could be a sign of a fake account.
7. Look out for accounts with low engagement rates, as this could also indicate a fake account. For instance, on Instagram, the average engagement rate for photo posts is 0.81%, video posts are 0.61%, and carousel posts are 1.08%.

Remember, creating fake social media accounts violates the policies of all major social platforms. If caught, the account will be removed, and the creator may face serious consequences.

In conclusion, while social media offers great potential for personal expression, news consumption, and business marketing, it also has its drawbacks. The proliferation of fake followers and accounts can pose serious threats to businesses and individuals alike. To fully harness the power of social media, it’s crucial to be aware of these issues and take steps to protect yourself.