Attorney General Jennifer Davenport and the Bureau of Securities within the Division of Consumer Affairs warned New Jersey residents on Apr. 22 about a rise in fraudulent investment schemes spreading across Meta platforms, including Facebook, Instagram, and WhatsApp.
The warning comes as scammers use deceptive ads and advanced technology such as “deepfakes” to lure victims into financial fraud. These scams include pump-and-dump operations involving stocks or cryptocurrencies, confidence scams that build trust before draining victims’ funds through fake investment sites, and fraudulent cryptocurrency schemes promising high returns or exclusive opportunities.
“We are concerned that Meta’s social media platforms are increasingly becoming a hotspot for investment scams that swindle New Jerseyans out of their hard-earned money,” said Attorney General Davenport. “We’re urging New Jersey residents to carefully scrutinize investment opportunities being pitched on social media. These platforms make it very easy for bad actors to reach large audiences quickly and with little oversight, which is why they’re fertile ground for investment scams. Preventing and stopping these fraudulent schemes in their tracks is an essential part of our work to make it easier for New Jerseyans to afford everyday life.”
Jeremy Hollander, Acting Director of the Division of Consumer Affairs, said: “Social media investment scams are designed to get people hyped up about exciting opportunities to make big money with little to no risk. The goal is to get investors to jump in quickly without taking time to vet the legitimacy of the opportunity, the people promoting it, or the risks involved. We’re reminding investors that if an opportunity seems too good to be true, it probably is.”
Bureau Chief Keith A. Alt also addressed public concern: “As fraudsters get more sophisticated, no one is immune from being scammed. Investor protection begins with prevention, which is why we’re raising awareness about the growing number of investment scams targeting people on social media,” he said. Alt noted that new resources will help residents recognize these schemes online.
New Jersey officials advise caution when faced with urgent pitches or promises from asset recovery specialists who may themselves be scammers seeking additional fees after an initial loss.
The office encourages anyone affected by such schemes to report incidents either online or by calling 1-866-I-INVEST (1-866-446-8378). According to the official website, the New Jersey Attorney General Matthew Platkin aims to protect residents’ lives and property, uphold legal standards statewide—including all counties and municipalities—and deliver enforcement support across New Jersey. The office holds authority under its statutory mandate to enforce laws, prosecute offenses, regulate public safety matters statewide,and provide consumer protection initiatives. It also offers services such as law enforcement oversight,crime lab support, victim advocacy,and state legal representation.
