Attorney General Sunday Warns Pennsylvanians to Beware of Investment Scams on …

HARRISBURG — Attorney General Dave Sunday is warning Pennsylvanians about the prevalence of fraudulent investment schemes on Meta platforms — including Facebook, Instagram, and WhatsApp. 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 advertising in response to the rapid spread of fake investment ads involving “pump-and-dump” schemes. Scammers are increasingly using deceptive advertisements and “deepfake” technology to lure potential investors into high-stakes scams. These scams include “pump and dump” scams, confidence scams, and fraudulent cryptocurrency schemes that aim to extract as much money as possible from victims. Attorney General Sunday is providing tips for Pennsylvanians to protect themselves from scams, and urging everyone to 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. Attorney General Sunday encourages anyone who may have been a victim of these types of scams to report it to our Bureau of Consumer Protection at 800-441-2555 or sc***@*************al.gov . “We continue to see lures and traps online — fueled by A.I. — that dupe people into emptying their bank accounts in favor of fake
Read More