Meta Shares Tips on How To Avoid Financial Scams Online

Amid rising economic uncertainty, Meta has today issued a warning to users to be wary of financial scams across its apps, which, based on Meta’s detection and enforcement efforts, are seeing a rise in activity.

Indeed, according to Meta, in 2024 alone, its team removed over seven million accounts across its platforms that had been associated with scam initiatives. These scams utilized a combination of fake celebrity endorsements, dating scams, investment offers, etc., and have duped many people out of billions of dollars around the world.

According to the FTC, U.S. consumers lost $5.7 billion to investment scams in 2024, more than in any other type of fraud. That’s also up 24% from the previous year, and again, as the global economic situation shifts, you can expect to see more scam activity as a result.

As explained by Meta:

“Investment scams are designed to lure people into investing in fraudulent or non-existent opportunities. These scams often promise quick and easy returns with little to no risk on assets like shares of a company, cryptocurrency, real estate or precious metals and coins. Scammers often contact people by email, social media, texts or calls with offers of “exclusive” or special opportunities, or invitations to join “investment coaching” groups.”

In order to avoid these scams, Meta has provided three key tips on financial scams specifically:

Meta’s also provided some insights into its expanding detection efforts, while it’s also outlined some of its more recent protection additions:

• Meta recommends that users undertake its “Privacy check-up,” and update their settings to control what personal information people can see.
• Meta recently rolled out optional video selfie verification to combat celebrity scams, which are a common source of financial scam activity
• Meta’s also added warnings in Messenger when there are requests or offers to pay in advance of shipping an item.

Meta’s also partnered with internet safety expert Rachel Tobac to provide more insight on how to avoid scammers via a series of video explainers.

In combination, these measures will help to protect users from financial scams, while also raising awareness of the risks and dangers of online transactions.

And again, based on the FTC data alone, you can see how this is a significant area of concern. Worth undertaking the checks, and heeding Meta’s advice on this front.