In social Network we've got many challenges; like you have stated fake authentication- So far, we have Fake user accounts upon which administrators don't have any control(can be solved by tracking IP address for single registration only)
Secondly we have what we call social engineering - In fact, people collect our confidential information like D.O.B, Full Name, Location etc.
Thirdly, for example when we see Facebook - Anyone can add you to any open group which is not appropriate.
Also, in the monetization process whereby users just use the system without even being aware of how the company is making money by using him - Facebook uses chat bot for businesses in messenger .. and yet to come for whatsapp
Lastly, the most important factor - Wherever social Network is indulged, hacking is inevitable. Hacking in every way like phishing - spoofing - S.E - CRSF etc.