"Our results suggest that one way to increase the discriminative power of online social media would be to reduce information load by limiting the number of posts in the system," the report found.
"Currently, bot accounts controlled by software make up a significant portion of online profiles, and many of them flood social media with high volumes of low quality information to manipulate public discourse."
In 2014, Twitter revealed 23 million of its accounts were "bots" posting information automatically, and as many as 45 per cent of active Russian Twitter accounts are automated today, according to the Oxford Internet Institute.
Social media strategist Kylie Bartlett said competition for our attention had reached extreme levels, and social networks should introduce greater controls and curation to limit online propaganda.
"We're so time poor. We're turning to social media for a quick fix and we're not evaluating whether information we read is true," she said.
"There needs to be a bit more curation so our feeds aren't full of fakes."
Bartlett said users should also spend more time scrutinising information they shared online, and unfollowing users who were spreading misinformation.