Skyrocketing demand for Ozempic (NVO-1.51%), Wegovy and other weight-loss drugs has boosted business for another line of work: online scams.

Several reports this year have found that high demand combined with major barriers to accessing these medications has created the perfect storm for grifters looking to take advantage of people.

"When people need something and it's difficult to get, that's when the scammers come in," said Abhishek Karnik, McAfee's director for threat research and response.

The market for these drugs, commonly referred to as GLP-1 treatments, is expected to reach $105 billion by 2030, according to Morgan Stanley (MS+2.10%) analysts. However, due to their high prices, lack of widespread insurance coverage, and shortages, many patients have had a difficult time getting their prescriptions filled, creating an opportunity for online scammers.

McAfee's Threat Research Team reported earlier this year that malicious phishing scams tied to Ozempic, Wegovy, and semaglutide -- the active ingredient in both medications -- rose a whopping 183% in the first four months of 2024, compared with October through December of last year. They also uncovered fraudsters impersonating doctors on Facebook (META+1.32%) and 207 scam postings on Craigslist and similar online marketplaces.

The scammers typically offer Ozempic and other weight-loss drugs at a heavily discounted price and instead deliver either allergy medicine, insulin, saline solution, or nothing at all.

Karnik said these scams continue to this day and could even increase during the holiday season and beyond.

"This is one of the scams that will persist after the holiday season, specifically because the holiday season is when you have all your fun. At the end of it, you start with your New Year's resolutions," said Karnik. "Weight loss is a big part of a lot of people's New Year's resolutions, and so I expect that very soon you'll see more of these scams sort of come up at the beginning of the year."

Eric Feinberg, vice president of the Coalition for a Safer Web, worked on a joint investigation with the Digital Citizens Alliance to examine how these scams have also proliferated on the social media app TikTok, favored by Gen Z. On the app, scammers often post videos of boxes of what looks like official, branded weight-loss drugs.

Feinberg said the app's sophisticated recommendation algorithm, meant to keep people engaged and on the app, is acting like a "co-conspirator" with scammers by helping them target people interested in losing weight.

He said that people don't even have to search for ways to buy these medications online; the algorithm automatically puts these scams on people's feeds.

Although this report came out in May, Feinberg said TikTok has not done enough to combat these illegal scams. On Dec. 11, TikTok emailed him to alert him that one of these scam accounts had uploaded a new video.

Also complicating the issue is that current drug laws allow the sale of compounded versions of a drug when they are in shortage, which has been the case with many weight-loss drugs in recent years. Telehealth companies, online pharmacies, and wellness spas have taken advantage of this loophole to sell cheaper off-brand weight-loss drugs. Some scammers also claim to sell these compounded versions.

However, the Food and Drug Administration (FDA) does not approve or review compounded drugs. The FDA has launched a campaign to educate consumers about how to buy compounded drugs safely.

In addition to losing money or getting their personal information stolen, people who fall prey to these scams could also put their health at risk. Karnik warned that people could end up injecting themselves with unsafe doses of these medications or with unknown substances.

He also noted that these scams are likely to go unreported because many victims may feel too embarrassed to report them.

"I would strongly encourage people who, if you have come across a scam, to report it," Kanik said. "It helps as a community. It helps in the effort."

Online weight-loss drug scams can be reported to the FDA here.

Here are some red flags Karnik and Feinberg warned about: