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Meta has banned over 7 million scam-related accounts in 2024 as financial fraudsters increasingly target users across Facebook, Instagram, and WhatsApp platforms during economic uncertainty.
Key Takeaways
- Meta removed over 7 million accounts in 2024 involved in celebrity endorsement fakes, dating scams, and fraudulent investment opportunities
- American consumers lost $5.7 billion to investment scams in 2024 alone, a 24% increase from the previous year, according to FTC data
- Meta has implemented new protective features, including optional video selfie verification and automated warnings in Messenger about advance payment requests
- Users are advised to update privacy settings, verify contacts before sharing information, and report suspicious activities through platform-specific reporting options
- Scammers are continuously evolving their tactics, from QR code manipulation to technical support fraud, requiring constant vigilance from users
Meta’s Aggressive Response to Financial Fraud
The battle against financial fraud on social media has reached unprecedented levels, with Meta taking decisive action to counter the growing threat. In 2024 alone, Meta has removed more than seven million accounts involved in scam operations across its platforms. These fraudulent accounts employed various deceptive tactics, including fake celebrity endorsements for products, romance scams designed to extract money from victims, and bogus investment offers promising unrealistic returns. The timing of this crackdown coincides with a period of economic uncertainty, during which vulnerable users have become increasingly targeted by sophisticated scammers looking to capitalize on financial anxieties.
“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, text, or calls with offers of “exclusive” or special opportunities, or invitations to join “investment coaching” groups, according to Meta.
The scale of these scams is alarming, with the Federal Trade Commission reporting that American consumers lost an astounding $5.7 billion to investment fraud in 2024—a 24% increase from the previous year. This financial devastation affects countless families and individuals who fall prey to increasingly sophisticated schemes. Meta’s intervention represents one of the most aggressive attempts by a social media company to combat these pervasive threats, acknowledging the critical role these platforms play in modern financial security.
New Security Features and User Protections
Understanding that technological solutions must evolve alongside scammer tactics, Meta has introduced several innovative security features. One significant addition is the optional video selfie verification system, specifically designed to combat celebrity impersonation scams. This technology helps verify that account holders are genuine individuals rather than fraudsters hiding behind fake profiles. Additionally, Meta has implemented automated warning systems in Messenger that alert users when they receive requests for advance payments—a common red flag in many scam scenarios.
Meta has also partnered with internet safety expert Rachel Tobac to create educational video content explaining how users can identify and avoid common scams. This emphasis on user education acknowledges that technological safeguards alone cannot fully protect users without corresponding knowledge and awareness. The company has further emphasized the importance of users performing regular “Privacy check-ups” to review and update their settings, limiting who can view personal information that might be exploited by scammers.
Evolving Scam Tactics and User Vigilance
Scammers continue to demonstrate remarkable adaptability in their methods, requiring constant vigilance from both platforms and users. One emerging trend involves QR code manipulation, where fraudsters place fake codes over legitimate ones in physical locations to redirect payments. Technical support scams have also become increasingly sophisticated, with perpetrators creating false scenarios of computer problems to gain access to victims’ devices or extract payments for nonexistent services.
“Then the scammer gives you a website to go to and says you need to pay for the repair before they can proceed. You try to enter $100, but it only shows $10. 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”, said Sandy Ozier.
Meta emphasizes that safety is a collaborative effort, stating, “Safety is a conversation and a responsibility we all share.” This philosophy underlies the company’s approach to scam prevention, balancing technological intervention with user empowerment. Meta encourages users to report suspicious activities through platform-specific reporting options on Facebook, Instagram, and WhatsApp, creating a feedback loop that strengthens their detection systems. By combining automated safeguards with human vigilance, the company aims to create a more secure environment for digital interactions in an increasingly complex threat landscape.
— H (@H3raclit3an) April 11, 2025