![]() On the company’s Marketplace classified ads platform, for instance, Facebook only takes a cut if the transaction is completed using its own “Meta Pay” system, which is still in its infancy. ![]() So far this year, there have been 1,095 cases of investment fraud related to Facebook reported to Action Fraud, with victims losing a total of £18.6m by 31 May.įacebook’s financial stake in such transactions varies depending on where on the platform they stem from. She said: “There’s an auto message saying they’ll look into it but no further follow-up.”Īccording to the bank TSB, which has called on social media firms to compensate scam victims, Meta platforms hosted 87% of all investment fraud cases at the high street bank last year. Her friend reported it to Facebook and “constantly does this, because similar scams pop up frequently”. The mother-of-three didn’t report the scam to Facebook, although she has contacted the national taskforce Action Fraud, the Financial Conduct Authority, her local police force and her MP. It is a devastating crime severely eroding confidence, trust and testing my belief in human nature.” “I see how less fortunate victims could go to dark places without this support. I count myself lucky with my partner and close friends and the fact I’ve been able to continually write to these agencies and get counselling. “My exhaustion level is depleted along with any resilience I had. “I have never gone through so much mental anguish in my life or been so ill,” she said. She is currently pursuing complaints through the Financial Ombudsman Service. ![]() The second £20,000 loan was with a different provider, which has also told her she is liable for the debt. ![]() Her bank has wiped a £30,000 loan as a goodwill gesture but will not refund her lost savings. “I was tricked, lied to and coerced into handing over £75,000, which was my life savings plus £50,000 in loans – £20,000 of this was a loan applied for online fraudulently in my name,” she said. Some of the savings were supposed to be spent on her wedding. Jane, 59, initially invested a couple of hundreds of pounds, before being manipulated into handing over more money, as the scammers created intense time pressure and said she could lose everything she had invested so far if she failed to pump more cash into the scheme. Under the online safety bill, which is currently going through parliament, social media platforms will be required to take these paid-for scam adverts down. He settled the case the following year after the tech firm promised to donate £3m to an anti-scams project and set up a reporting tool. Lewis has previously taken legal action against Facebook for failing to remove scam adverts using his image in 2018. However, it turned out to be a complex cryptocurrency scam. Other users in the group, also suspected to be scammers, pledge to invest into the crypto scheme, adding: “I have personally witnessed how Goldman Sachs can help you.Jane was considering opening an Isa when she spotted a promotion for “Current Coins” on Facebook in December last year, which – falsely – claimed to be endorsed by Lewis, who founded the MoneySavingExpert consumer advice site. The scammer then promises to “provide a Bitcoin perpetual trading contract strategy” before directing users to a bogus crypto platform where they can deposit funds. “As a global investment firm, we work together to create long-term value for our investors…establishing a correct investment philosophy and ensuring you can obtain stable and generous returns is the ability that every investor needs to have.” “I hope Goldman Sachs can become your trusted brokerage scheme,” one scam message reads. The fraudsters invite unsuspecting WhatsApp users to an online chat group in which they introduce themselves as executives of the Wall Street bank before telling group members they will “provide investment training strategies for free”. Hundreds of WhatsApp users are being targeted by crooks posing as Goldman Sachs employees as part of a ploy to get them to invest in crypto schemes, the Standard has learned.
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