Online scams are on the rise—here’s how Meta says you can protect yourself

In today’s digital age, online scams have become an increasingly common threat, especially for Australians who often manage retirement savings and superannuation. 

Scammers use sophisticated tactics through emails, social media, and messaging apps to trick people into handing over money or personal information. With losses from investment and payment scams rising, it’s more important than ever to stay vigilant and informed about how these scams operate and how to protect yourself.

To combat this growing problem, Meta rolled out new tools and safety tips on Facebook Messenger and other social media platforms to help users avoid online investment and payment scams.

Since the start of 2024, Meta has successfully identified and dismantled over seven million accounts linked to these scam centres across regions, including Myanmar, Laos, Cambodia, the United Arab Emirates, and the Philippines. 

These criminal organisations exploit various global channels, targeting individuals through messaging services, dating applications, social media, and cryptocurrency platforms.

In March, the company intensified its actions against multiple clusters of fraudulent activity, removing more than 23,000 Facebook pages and accounts aimed explicitly at deceiving users in Brazil and India. 

These scammers used deepfakes to misrepresent well-known personal finance influencers, cricket stars, and business personalities, falsely endorsing fraudulent investment apps and gambling websites. 

Deepfakes are videos where a person’s face or body has been digitally altered to make them look like someone else, often used maliciously to spread misinformation.

Victims were often redirected to messaging apps for alleged’ investment advice’ or directed to a counterfeit website that impersonated the Google Play store, where they were urged to download scam-related gambling apps.

Tech companies, law enforcement, and governments have joined forces to disrupt scam networks. Initiatives like the Federal Bureau of Investigation’s Level Up program and the Tech Against Scams Coalition are helping to identify and warn potential victims and to share resources for staying safe.

According to Meta, the most common investment scams lure you in with promises of high returns and little risk.

They might involve shares, cryptocurrency, real estate, or even precious metals. The pitch often comes via email, social media, text, or a phone call, and may include:

• ‘Exclusive’ investment opportunities
• Invitations to join ‘investment coaching’ groups
• Fake testimonials and doctored images of supposed profits

For instance, scammers in South Africa posed as employees of legitimate cryptocurrency investment apps, using fake Facebook and TikTok accounts to offer ‘trading secrets’ and even ‘help’ to recover lost funds. They used emotional videos and screenshots to make their claims look real.

Here are common payment scams to watch out for:

• Advance Payment Scams: A scammer sets up a convincing storefront or profile on a reselling platform. After you agree to buy an item, they ask for payment in advance—but the item never arrives, and the seller disappears.
• Overpayment and Refund Scams: The scammer ‘overpays’ for something you’re selling (or claims to, using a fake receipt) and asks for a partial refund. Once you send the refund, they reverse the original payment, leaving you out of pocket.
• Romance and Friendship Scams: While not strictly investment or payment scams, these are increasingly common among older Australians. Scammers build a relationship online, then ask for money to help with a ‘crisis’ or to invest in a ‘joint opportunity’.

Meta’s anti-scam tools

Meta has developed several anti-scam tools to enhance user safety across its platforms. On Messenger, they added display warnings when users encounter requests for advance payments or suspicious activities to keep them informed and protected.

In its ongoing commitment to improving security on Messenger and Instagram, Meta has also introduced innovative measures that use facial recognition technology. 

These features aim to detect and prevent celebrity bait scams while streamlining identity verification for account recovery. 

The optional video selfie verification offers users a quick and convenient way to verify their identity and regain access to their accounts.

Additionally, users are encouraged to conduct a privacy check-up on Facebook, Instagram, and WhatsApp.

This is an excellent opportunity to customise settings, allowing users to decide who can contact them and who can view personal information, such as online status or profile pictures. 

If you want to report the scam, you can notify Scamwatch, your local police, and the platform where the fraud occurred.

Have you or someone you know been targeted by an online scam? What tips do you have for staying safe? Share your experiences and advice in the comments below— your story could help someone else avoid becoming a victim.

Also read: Meta under fire for allegedly exploiting Australian writers’ work to train AI