Scam ads now use sophisticated technology to mimic real people, including in videos or livestreams.

By Donald Eng, CTNewsJunkie.com

Attorney General William Tong has issued a consumer alert to warn Connecticut about the prevalence of fraudulent investment schemes proliferating across Meta platforms, including on Facebook, Instagram, and WhatsApp. Scammers are increasingly using deceptive advertisements and “deepfake” technology to lure investors into high-stakes scams to defraud them of their savings, Tong said. These scams include “pump and dump” scams, confidence scams, and fraudulent cryptocurrency schemes that take advantage of victims to extract as much money from them as possible.

Every consumer should carefully scrutinize social media investment advertisements before investing. Most reputable broker-dealers and investment advisors do not post specific investment advice on social media platforms, Tong said. Anyone who may have been a victim of these types of scams should report it on the attorney general’s website.

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