Surge in Investment Scams on Meta Platforms Prompt Warnings from State AGs

• •Investment scams on Meta platforms are increasing, involving deepfake technology.
• •Scammers use celebrity images to promote fraudulent investment opportunities.
• •Victims often face significant financial losses and are encouraged to use private messaging apps.

Pennsylvania and Wyoming Attorneys General have issued warnings about a rise in investment scams on Meta platforms, including Instagram and WhatsApp. These scams involve 'pump and dump' schemes, confidence scams, and fraudulent cryptocurrency investments, often utilizing AI-generated deepfake videos. Victims are misled by unauthorized images of celebrities promoting fake investment opportunities, leading to significant financial losses. The scams typically encourage victims to move conversations to private messaging apps, where fraudsters build trust and manipulate victims into larger investments. Both AGs emphasize the importance of skepticism towards social media ads promising guaranteed returns and recommend verifying investment opportunities with trusted advisors. Victims are urged to report incidents to their respective consumer protection offices.