North Carolina Attorney General Warns of Investment Scams on Meta Platforms

Jeff Jackson is warning North Carolinians about a rise in investment scams spreading across Meta platforms, including Facebook, Instagram, and WhatsApp.

Jackson says scammers are using artificial intelligence “deepfake” technology to create fake advertisements featuring familiar public figures in an effort to gain trust and convince people to hand over money. The scams often involve “pump and dump” stock schemes, confidence scams, and cryptocurrency fraud.

In pump-and-dump scams, victims are lured into online investment groups where they are pressured to buy low-cost stocks or digital currency. Scammers then sell their own holdings after prices rise, leaving victims with major losses when the value suddenly crashes.

Confidence scams often begin with professional-looking ads or websites that promise easy profits. Victims may initially see fake gains or small withdrawals, but are later encouraged to invest larger amounts. When they try to withdraw their money, they are told to pay additional fees before the scammers disappear.

Jackson says residents should be cautious of guaranteed returns, pressure to act quickly, celebrity endorsements, and requests to move conversations to encrypted messaging apps like WhatsApp or Telegram.

Consumers are encouraged to verify credentials, research investment companies carefully, and speak with a trusted financial advisor before sending money. Anyone who believes they may have been targeted is urged to report the incident to the North Carolina Secretary of State.