Pennsylvania Attorney General Dave Sunday is warning residents of the state to beware of investment scams online.
According to a release, the schemes are being spread on platforms owned by Meta, such as Facebook, Instagram and WhatsApp.
Scammers use deceptive tactics like AI and fake celebrity endorsements to lure people into investments that ultimately drain their money, Sunday’s office says.
“We continue to see lures and traps online — fueled by A.I. — that dupe people into emptying their bank accounts in favor of fake investment opportunities,” Sunday said. “... We continue to push Meta to take responsibility for predatory advertising on their platforms.”
So-called “pump and dump” scams trick people into investing in cryptocurrency or low-priced stocks, officials say. When the price is high, the scammers sell, while the victims lose their money.
Confidence schemes involve the scammer building a trusting relationship with the victim, getting them to invest in fake investment platforms. Scammers then hold the victim’s money behind some kind of fee, and then disappear once the victim stops paying.
Sunday’s office offers these tips to keep from being a victim:
- Identify red flags like promises of guaranteed returns, pressure tactics and celebrity endorsements.
- Verify ads, people and firms before proceeding.
- Watch out for signs of AI, such as unrealistic movements or the use of famous people.
- Protect your identity and network by keeping your private information secure.
Anyone who may have been victim to one of these scams is encouraged to contact the Bureau of Consumer Protection at 800-441-2555 orscams@attorneygeneral.gov.
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