Be careful who you friend and what you click on when on social networking sites. Here is an example of just what can go wrong. http://wokv.com/localnews/2009/12/supervisor-of-elections-falls.html
Mcaffee warns that Facebook and Twitter will be the cyber-criminals platform of choice for 2010. They will use these sites for collecting personal information as well as sending viruses. There is a simple thing you can do to minimize your exposure. Don’t accept friend requests from people you do not know.
Social networking is a great concept but there are inherent risks that come along with it. Protect yourself as you would in real life and you will be fine. Read the terms of services for sights that help you with your social networking endeavors. Some sites will ask you to upload your address book or invite friends. These same sites use that info you provide, and sell it to 3rd parties. Read the fine print and use common sense and you should be fine!