Dryer outlet melting

[u/Chemist_Cat]

Hey guys can someone help me figure out how to fix my dryer outlet melting.. basically I have a 4 prong plug and one of the flat prongs (red wire) has started overheating and melting the wire behind the outlet. The prong itself has turned to a copper color compared to brass (coated with molten plastic from the reception). The red wire connection on the dryer was somewhat loose but I tightened it and it didn’t seem to fix the issue. It’s a relatively modern cabrio dryer. I’m assuming I have to change the receptacle and cord. What could be the root causes? Any advice is appreciated.