NC AG Warns of Deepfake Investment Scams on Meta Platforms

Attorney General Jeff Jackson Warns North Carolinians of Investment Scams on Meta Platforms

FOR IMMEDIATE RELEASE
Friday, April 17, 2026
Contact: comms@ncdoj.gov
919-538-2809

RALEIGH — Attorney General Jeff Jackson is warning North Carolinians of investment scams across Meta platforms. Scammers are using “deepfake” technology to create ads across Facebook, Instagram, and WhatsApp to lure investors into high-stakes scams and take their money through “pump and dump” scams, confidence scams, and cryptocurrency fraud.

“Scammers are using familiar faces and new technology to build trust and steal your money,” said Attorney General Jeff Jackson. “No legitimate investment should require you to act immediately. Take your time, do your research, and don’t let anyone pressure you into making a big financial decision.”

Pump & Dump Scams

In a “pump and dump” scheme, scammers lure people into online investment groups and pressure them to buy low-cost stocks or cryptocurrency. The scheme often starts with fake ads on Facebook or Instagram that use well-known figures like Cathie Wood, Joe Kernen, or Kevin O’Leary without their permission. These ads promise insider access or guaranteed high returns. After someone clicks, scammers urge them to continue the conversation on apps like WhatsApp or other encrypted platforms like Telegram. Victims are then added to group chats with fake “expert” advice and testimonials. At first, the investment may look like it is making money, but scammers later sell their shares at high prices, causing the value to drop and leaving victims with major financial losses.

Confidence Scams

In a confidence scam, fraudsters build trust with victims and convince them to invest through fake platforms that steal their money. The scam often begins with online ads that promise easy profits and may feature well-known people or trusted organizations. After someone clicks, they may be asked to enter their contact information or taken to another website that looks like a news article and promotes the investment opportunity before asking for their details. Scammers then contact the victim, offer to teach them how to invest, and direct them to professional-looking websites or apps that appear real. These platforms may show early profits or allow small withdrawals to gain trust. Over time, victims are encouraged to invest larger amounts. When they try to withdraw their money, they are told to pay extra fees, but even after paying, they never receive their funds, and the scammers disappear.

A fake advertisement for a potential pump and dump scheme using a picture of Kevin O’Leary without his permission.

Be careful before you invest money through an opportunity you learn about from a social media ad.

• Watch out for red flags

  • Promises of guaranteed returns: No legitimate investment is “risk-free” or offers a guaranteed return.
  • High-pressure tactics: Warnings that you will “miss out” or demands to invest immediately.
  • Celebrity endorsements: Scammers often use AI-generated images or videos of famous entrepreneurs to lure victims.
  • Cryptocurrency demands: Requests to use crypto ATMs or to send crypto to private wallets or platforms.
  • Requests to accept other people’s money: Scammers will sometimes ask victims to accept other people’s funds in their bank accounts and convert them to cryptocurrency.
  • Requests to move the conversation from Facebook to encrypted apps like WhatsApp or Telegram.

• Verify before you invest

  • Verify credentials: Use FINRA’s BrokerCheck to confirm a professional is registered but be aware that scammers may impersonate real people or firms.
  • Search for reviews: Look up the company or salesperson online with terms like “scam” or “complaint.”
  • Check email addresses: Make sure emails match the official company domain, scammers often use slight variations.
  • Look for spelling errors: Watch for mistakes in ads or messages, which can be a sign of fraud.
  • Consult with a trusted advisor: Speak with a legal or financial professional before making any investment.
  • Follow warnings from current advisors: If your bank or investment/financial advisor cautions you about your new investment, take time to further investigate the new “investment opportunity”.
  • Trust your instincts and think twice before investing: If an investment seems too good to be true, it probably is. To protect yourself, be aware that scammers are increasingly using technology to create deepfake videos that mimic real people. If a video seems slightly off or the audio does not match the speaker’s movements, it may be fake, and you should verify it by searching for the original source. Be especially cautious of anyone promoting investment opportunities involving cryptocurrency, as these transactions are largely irreversible and difficult to trace once sent. If you choose to invest, keep a record of all communications and remember that scammers often pose as trusted professionals to take advantage of unsuspecting investors.

Attorney General Jackson is urging Meta to crack down on these ads by strengthening its review practices for ads.

Attorney General Jackson encourages anyone who may have been a victim of these types of scams to report it to the North Carolina Secretary of State at https://www.sosnc.gov/divisions/securities/fileacomplaint.

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