Meta removes over 23,000 Facebook Pages, accounts linked to investment scams

Meta has removed over 23,000 Facebook Pages and accounts that were found to be promoting fraudulent investment schemes, targeting users primarily in India and Brazil, the company said on Wednesday.

According to the social media giant, the latest action taken in March was aimed at dismantling scam networks that employed deceptive tactics, including the use of deepfake videos and impersonation of well-known financial influencers, business figures and cricket players.

“The scammers redirected people to messaging apps for “investment advice” and in some cases to a fake website that mimicked the Google Play store to download scam gambling apps,” Meta said.

The company said the scams were uncovered in collaboration with open-source researchers at Graphika, who identified fake Facebook and TikTok accounts posing as investment coaches affiliated with cryptocurrency apps like Luno, Valr and Yellow Card.

In one case, scammers used doctored videos of emotional individuals, superimposed over screenshots of crypto accounts that had made profits, to make it look like they were being thanked for earning people money.

Meta noted that the fraudulent accounts and Pages primarily targeted vulnerable individuals in regions with growing interest in online investments.

"In March, Meta removed multiple clusters of scam activity totalling over 23,000 Facebook Pages and accounts that primarily targeted people in Brazil and India," Meta said in a release.

More than seven million accounts linked to organised scam operations in countries including Myanmar, Laos, Cambodia, the UAE and the Philippines have been disrupted since the beginning of 2024, it added.

Under Meta's ongoing efforts to promote scam awareness, the company shared insights and handy tips to help people identify and safeguard themselves against common investment and payment scams online.

Meta has introduced new anti-scam tools, including warning systems on Messenger and Instagram, video selfie verification using facial recognition for account recovery, and privacy check-ups across Facebook, Instagram and WhatsApp.

These tools are designed to help users recognise common scam tactics, such as requests for advance payments or overpayment refund frauds.

Meta said it remains committed to removing scam content and accounts as part of its strategy to protect users from financial fraud.

“We continue to look for and block attempts by criminal syndicate-run scam centers to create accounts on our platforms,” the company added.