Savvy Brits have snagged over £1.8 billion in social media prizes

New research from Gocompare.com Money has found that it can pay to be social as millions of people are trying their luck and entering competitions and giveaways via social media like Facebook and Twitter.

The comparison site found that almost half (48%) of UK adults have entered a competition or giveaway via social media, with over a third (34%) of those who entered winning a prize of some monetary value.

The value of a typical one-off win was £194, while the average total winnings for entering competitions and giveaways via social media was £230.

Gocompare.com’s head of money, Matt Sanders, said: “Social media is a great way for companies and brands to interact with their customers and this research shows that they are also using social media as a way of giving back to customers.

“With 2.5m people having won up to £1,000 through entering these promotions, social media giveaways can be a good way of winning some big-ticket items.

“When entering a competition online, always be aware of what information you’re sharing. While entering you name, address and telephone number are common, beware of any sites that ask for banking information, social media passwords or other personal information such as your mother’s maiden name or pet’s name. These are often tactics used by fraudsters who set up fake competitions in an attempt to collect your personal data and could be used to access your bank accounts.

“Stick to brands that you recognise and trust, and report any posts that seem suspicious. A common trick employed by imposters is to pose as another company and request personal details to deliver a prize to you. That’s why even when dealing with a recognised brand, it’s important to check that you’re dealing with the official account of the company before handing over any information to them.”