Investment scams are leveraging emotional triggers like fear and greed, especially through fraudulent Facebook ads. Impersonating respected investors such as Warren Buffet, these scams entice individuals to join WhatsApp groups where they're advised to invest in specific stocks. This tactic inflates the stock prices for the scammers' profit, resulting in potential losses of thousands for innocent investors. Additionally, these schemes often involve harvesting personal information under the guise of investment opportunities, raising serious concerns about online safety. The letter from state attorneys general highlights the urgency of addressing these scams and protecting consumers.
Scammers capitalize on fear and greed to lure victims through fraudulent Facebook ads, impersonating prominent investors to promote unrealistic investment returns.
Investment schemes often begin with Facebook ads featuring well-known figures, where users are directed to WhatsApp groups that encourage purchasing inflated stocks.
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