AG ​Tong 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. 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.

“Scammers are using sophisticated tools like deepfakes and targeted ads to exploit trust and steal people’s life savings. If an investment opportunity is coming to you through social media. stop and take a closer look. Most legitimate advisors are not pitching investments this way. Stay vigilant, do your research, and report suspected scams immediately,” – AG Tong