Meta Issues Warning on Rising Online Financial Scams

Meta is warning users about a rise in financial scams across its platforms, including Facebook and Instagram. The company removed over seven million scam-related accounts in 2024 alone.

These scams often involve fake celebrity endorsements, dating scams, and fraudulent investment opportunities. They have cost victims billions of dollars worldwide.

How to Spot and Avoid Investment Scams

Investment scams lure people into fraudulent schemes with promises of quick, easy returns and low risk. Scammers often contact potential victims through email, social media, text messages, or phone calls. They may offer "exclusive" opportunities or invitations to "investment coaching" groups.

Meta offers three key tips to avoid these scams:

  • Be wary of unsolicited investment offers. Research any investment opportunity thoroughly before committing funds.
  • Don't trust promises of guaranteed high returns with little or no risk. If it sounds too good to be true, it probably is.
  • Verify the legitimacy of any investment advisor or platform. Check for registration with relevant authorities.

The U.S. Federal Trade Commission (FTC) reports that consumers lost $5.7 billion to investment scams in 2024, a 24% increase from the previous year. Meta expects scam activity to continue rising amid global economic uncertainty.

Meta's Efforts to Combat Scams

Meta is enhancing its scam detection efforts and implementing new user protections. These include:

  • Encouraging users to perform a Privacy Checkup and update their privacy settings.
  • Introducing optional video selfie verification to combat celebrity scams.
  • Adding warnings in Messenger for advance payment requests related to shipped items.

Meta has partnered with internet safety expert Rachel Tobac to provide further guidance on avoiding scams. Tobac offers a series of video explainers on the topic.

Instagram Post by Rachel Tobac

These measures aim to protect users from financial scams and raise awareness about the risks of online transactions. Given the significant financial impact of these scams, it's crucial to heed Meta's advice and take precautions to protect yourself online.