Parents and teachers are being urged to warn children after reported cases of “sextortion” jumped from 10,731 in 2022 to 26,718 last year.
The National Crime Agency (NCA) said the “devastating” crime has driven some to suicide.
Boys and young men are most likely to be targeted, usually by criminal gangs worldwide pretending to be girls online.
The NCA’s director general for threats, James Babbage, said: “Sextortion causes immeasurable stress and anguish.”
Security minister Tom Tugendhat said sextortion “destroys lives”.
He added: “It is often driven by highly sophisticated organised crime groups who exploit vulnerable people for profit.
“It’s vital that technology companies take responsibility for the safety of their users by implementing stronger safeguards on their platforms.
“I would urge parents to talk to their children about their use of social media.
“Even sites that many assume to be safe may pose a risk.”