As social media is getting more and more popular, malware authors are using them to their advantage. The most common kind of worm which haunts social media spaces such as Facebook, Myspace etc uses the "trust factor" in a social network to its advantage. In the most common case, a victim clicks a link he receives from one of his friends, downloads and gets infected with the worm, and now in turn supports its propagation through his network. In some cases an actual download of the worm software happens, and in others XSS based worms are used.
Koobface is an example of the former - the video below demonstrates how Koobface can infect and spread in a social media network. This video was picked from the
Webroot Threat Blog.