Recently, the platform Facebook in the United States has witnessed a new type of fraud targeting businessmen, billionaires, and stock investors, resulting in millions of dollars being stolen. Many American investors fell victim to scams through impersonation and fake investment advice via misleading ads, leading to substantial financial losses, according to the Wall Street Journal.
Fraudsters impersonated hedge fund manager and billionaire financier Bill Ackman on Facebook, luring desperate investors into stock market scams while posing as Ackman, who was unable to put a stop to these activities. Ackman's firm, Pershing Square, identified over 90 different ads impersonating him.
A spokesperson for Pershing Square noted that "many of the ads remained visible for weeks after the company reported them to Facebook." One ad promised annual returns of 125%, while another promised a 25% return within a week, urging victims to "hold these three stocks and you will be a millionaire."
These ads entice victims to join WhatsApp groups for stock tips from supposed partners of well-known investors. Meanwhile, the Securities Industry Regulatory Authority issued a warning on January 11, stating that it had "seen a significant increase recently in investor complaints resulting from recommendations made by fraudulent 'investment groups' promoted through social media."
A group of nine fraud victims sent a message to Facebook on February 28 detailing 21 reports made regarding fraudulent ads in January and February. For its part, Meta reported in September 2021 that it "has 40,000 people, including external contractors, working on safety and security issues, and that Facebook uses artificial intelligence to block fake accounts."