Meta removed over 7 million scammer accounts in 2024 while Americans lost a staggering $5.7 billion to investment frauds, forcing the tech giant to implement aggressive new security measures.
Key Takeaways
- Meta has removed more than 7 million accounts linked to financial scams in 2024 alone, showing the scale of online fraud attempts.
- Investment scams cost U.S. consumers $5.7 billion in 2024, representing a 24% increase from the previous year, according to FTC data.
- Scammers commonly use fake celebrity endorsements, deceptive dating schemes, and fraudulent investment opportunities to target victims.
- Meta has introduced video selfie verification options and messenger warnings about advance payment requests to combat the rising tide of scams.
- Users can protect themselves by performing privacy check-ups, enabling login alerts, and verifying the legitimacy of any financial opportunity or request.
The Epidemic of Online Financial Fraud
The digital landscape has become increasingly dangerous for American consumers as sophisticated scammers develop new tactics to separate people from their hard-earned money. Meta’s platforms—Facebook, Instagram, and WhatsApp—have become primary battlegrounds in this ongoing war against financial fraud. The tech company’s removal of over seven million scam-related accounts in 2024 highlights both the prevalence of these crimes and Meta’s commitment to curbing them. These accounts typically deploy celebrity impersonation schemes, romance scams, and fraudulent investment pitches to lure unsuspecting victims.
“Investment scams are designed to lure people into investing in fraudulent or non-existent opportunities. These scams often promise quick and easy returns with little to no risk on assets like shares of a company, cryptocurrency, real estate, or precious metals and coins. Scammers often contact people by email, social media, texts, or calls with offers of ‘exclusive’ or special opportunities, or invitations to join ‘investment coaching’ groups,” Meta said in a recent statement.
The Astronomical Cost of Deception
The Federal Trade Commission’s data paints a troubling picture of the financial impact these scams are having on Americans. Investment frauds alone cost U.S. consumers an astonishing $5.7 billion in 2024, representing a 24% increase from the previous year. This surge in financial crime comes amid broader economic uncertainty, making vulnerable Americans even more susceptible to promises of easy money and guaranteed returns. The tactics employed by these criminals continuously evolve, making education and awareness critical components in any defense strategy.
“One of the more prevalent scam texts going around right now is telling people they have an outstanding toll, and to avoid losing their license, they need to pay a fee,” said Sandy Ozier
Scammers don’t limit themselves to digital approaches either. They’ve adapted to exploit physical technologies as well, placing fraudulent QR codes over legitimate ones in public places to redirect payments. These tactics demonstrate the sophisticated and multifaceted approach criminals are taking to target American consumers across multiple fronts, both online and offline.
Meta’s Countermeasures
In response to the growing threat, Meta has implemented several protective measures for users of its platforms. The company has introduced an optional video selfie verification system specifically designed to combat celebrity impersonation scams. This feature allows users to prove their identity through a brief video recording, making it much harder for scammers to maintain fake profiles. Additionally, Meta added warning notifications in Messenger that appear when someone requests an advance payment, a common red flag in many scam attempts.
“Safety is a conversation and a responsibility we all share,” Meta stated in their safety resources section, highlighting the collaborative approach needed to combat these sophisticated criminal enterprises.
Meta has partnered with internet safety expert Rachel Tobac to create video explainers that educate users about common scam techniques and prevention strategies. The company also encourages users to perform regular “Privacy check-ups” to review and update their settings, controlling who can see their personal information and limiting potential exposure to scammers trolling for victims.
Protecting Yourself
While Meta continues to enhance platform security, users must remain vigilant and take proactive steps to protect themselves. Enabling alerts for unrecognized login attempts and utilizing two-factor authentication provides additional layers of security for your accounts. Never share passwords or verification codes with anyone, regardless of how legitimate they may seem. Be especially skeptical of investment opportunities that promise extraordinary returns with minimal risk—these are almost always scams targeting the financially vulnerable.
“You try to enter $100, but it only shows $10,” said Sandy Ozier “So you think you missed a zero, and so you hit the zero again and again. You end up approving a transaction for $1,000 or $10,000 for a service that isn’t even legitimate.”
When encountering suspicious activity, report it immediately through the platform-specific options on Facebook, Instagram, or WhatsApp. These reports help Meta identify and remove fraudulent accounts more quickly, protecting not just yourself but other potential victims as well. Remember that scammers rely on urgency and fear to cloud your judgment—take time to verify any financial transaction or request before proceeding, regardless of how pressing it may seem.
