Earlier this week, Pennsylvania Attorney General Dave Sunday warned state residents of fraudulent investment schemes on Meta-owned social media platforms like Facebook, Instagram and WhatsApp.
Scammers are using advertisements on these social media sites and deepfake technology to lure potential investors into high-stakes scams ranging from “pump-and-dump” scams using a celebrity’s photo without permission, confidence scams, and fraudulent cryptocurrency schemes. Sunday recommends people identify red flags for these advertisements including promises of guaranteed returns, high pressure tactics, and AI-generated celebrity endorsements. He also advises that people do thorough research, beware of “deepfakes” and AI and to protect your identity and network.
The warning is part of a coalition of attorneys general’s efforts to prompt accountability from Meta over their platforms, specifically a more robust review of its advertising. If you feel you are a victim of these scams, you can email scams@attorneygeneral.gov or call the Bureau of Consumer Protection at 800-441-2555.
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