Ptechhub
  • News
  • Industries
    • Enterprise IT
    • AI & ML
    • Cybersecurity
    • Finance
    • Telco
  • Brand Hub
    • Lifesight
  • Blogs
No Result
View All Result
  • News
  • Industries
    • Enterprise IT
    • AI & ML
    • Cybersecurity
    • Finance
    • Telco
  • Brand Hub
    • Lifesight
  • Blogs
No Result
View All Result
PtechHub
No Result
View All Result

State AGs led by NY’s Letitia James pressure Meta to clean up investment scams on Facebook

By CNBC by By CNBC
June 11, 2025
Home Finance
Share on FacebookShare on Twitter


New York Attorney General Letitia James speaks during a press conference at the office of the Attorney General on July 13, 2022 in New York City.

Michael M. Santiago | Getty Images

A group of 42 state attorneys general are calling on Meta to curb the rise of investment scams on Facebook that fraudulently use the images of Warren Buffett and other famous figures, New York Attorney General Letitia James said Wednesday.

James said in a news release criminals are consistently evading Meta’s automated and human review systems to post fake ads that leave retail investors saddled with millions of dollars in losses. Her office continues to see the scams months after reporting them to Meta, she added.

The ads, touting access to Buffett, Elon Musk or Ark Invest’s Cathie Wood, lure Facebook users to join chat groups on Meta-owned messaging platform, WhatsApp, according to the New York AG.

There, users are unwittingly involved in alleged pump-and-dump schemes, where criminals boost the price of thinly traded stocks and quickly sell for a profit, leaving small investors with losses.

Meta, the parent company of Facebook, Instagram and WhatsApp, is struggling to control the rise of cyber scams on its platforms and is a “cornerstone of the internet fraud economy,” the Wall Street Journal reported last month. The problem is global in nature, with one notable lawsuit being brought by an Australian billionaire who alleges that Meta’s artificial intelligence-run advertising program created and amplified false ads using his likeness.

“Thousands of Facebook users have lost hundreds of millions of dollars to these scams and Meta must do more to stop these fraudulent ads from running on its platforms,” James said. “I am leading a bipartisan coalition calling on Meta to step up its review of ads to stop these scams. I also urge all New Yorkers to be extra careful before putting their money in investments they see advertised on social media.”

Source: New York State Attorney General’s office

The AGs urged Meta to boost its policing of ads, including with more human review, saying that unless they curb the scams, Meta should stop running investment ads altogether.

Joining James were AGs from states including California, Connecticut, Georgia, Massachusetts, Michigan, New Jersey and Pennsylvania.

Andy Stone, a spokesman for Meta, said that addressing scams on its platforms requires collaboration between banks, governments, law enforcement and telecom companies.

“We’re committed to doing our part: Investing in technology to aggressively enforce against scams, including testing the use of facial recognition technology, empowering people to protect themselves with on-platform warnings and tools, educating consumers on common schemes and forging partnerships across tech, banking and beyond to protect people from these criminals,” Stone said.



Source link

Tags: BanksBreaking News: InvestingBreaking News: MarketsBreaking News: TechnologybreakingNewsGlobalbusiness newselon muskInvestment strategyLetitia JamesMeta Platforms IncNew JerseyPersonal financetechnologyWarren Buffett
By CNBC

By CNBC

Next Post
Info-Tech LIVE 2025 Day 1 Highlights: Key Insights Shared on Exponential IT, Agentic AI, and Emerging IT Trends

Info-Tech LIVE 2025 Day 1 Highlights: Key Insights Shared on Exponential IT, Agentic AI, and Emerging IT Trends

Recommended.

OpenAI Ramps Up Robotics Work in Race Toward AGI

OpenAI Ramps Up Robotics Work in Race Toward AGI

September 15, 2025
DoJ Seizes 145 Domains Tied to BidenCash Carding Marketplace in Global Takedown

DoJ Seizes 145 Domains Tied to BidenCash Carding Marketplace in Global Takedown

June 5, 2025

Trending.

⚡ Weekly Recap: Oracle 0-Day, BitLocker Bypass, VMScape, WhatsApp Worm & More

⚡ Weekly Recap: Oracle 0-Day, BitLocker Bypass, VMScape, WhatsApp Worm & More

October 6, 2025
Cloud Computing on the Rise: Market Projected to Reach .6 Trillion by 2030

Cloud Computing on the Rise: Market Projected to Reach $1.6 Trillion by 2030

August 1, 2025
Stocks making the biggest moves midday: Autodesk, PayPal, Rivian, Nebius, Waters and more

Stocks making the biggest moves midday: Autodesk, PayPal, Rivian, Nebius, Waters and more

July 14, 2025
The Ultimate MSP Guide to Structuring and Selling vCISO Services

The Ultimate MSP Guide to Structuring and Selling vCISO Services

February 19, 2025
Translators’ Voices: China shares technological achievements with the world for mutual benefit

Translators’ Voices: China shares technological achievements with the world for mutual benefit

June 3, 2025

PTechHub

A tech news platform delivering fresh perspectives, critical insights, and in-depth reporting — beyond the buzz. We cover innovation, policy, and digital culture with clarity, independence, and a sharp editorial edge.

Follow Us

Industries

  • AI & ML
  • Cybersecurity
  • Enterprise IT
  • Finance
  • Telco

Navigation

  • About
  • Advertise
  • Privacy & Policy
  • Contact

Subscribe to Our Newsletter

  • About
  • Advertise
  • Privacy & Policy
  • Contact

Copyright © 2025 | Powered By Porpholio

No Result
View All Result
  • News
  • Industries
    • Enterprise IT
    • AI & ML
    • Cybersecurity
    • Finance
    • Telco
  • Brand Hub
    • Lifesight
  • Blogs

Copyright © 2025 | Powered By Porpholio