Experts have issued a warning after Meta deleted 6.8 million WhatsApp accounts in the first half of this year. It comes as the number of reported investment scams on social media has trebled since 2019, with total losses rising from £13m to £75m a year.
BrokerChooser scraped the Meta Ads Library and analysed more than 5,000 active finance-related ads. They found fraudsters tend to exploit personal messaging apps, directing users to WhatsApp, Telegram and Instagram to bypass platform detection.
Common scam phrases include calls to action like “Visit Instagram profile”, “Send WhatsApp”, and “Join Telegram”, often combined with urgent language such as “Limited time” or “Don’t miss out.”
Adam Nasli, from BrokerChooser, said: “Social media has become a prime hunting ground for scammers, with billions of people using these platforms globally. Fraudsters exploit this vast reach by targeting users with enticing promises of unrealistic returns and quick profits. Common red flags include high-pressure sales tactics, unsolicited messages, and a lack of transparent documentation.
“Our analysis reveals that many scam and high-risk ads attempt to bypass platform moderation by directing users to private messaging apps. Phrases like ‘Visit Instagram profile’, ‘Send WhatsApp’, ‘Join Telegram’ are commonly used, often paired with urgency-driven language such as ‘Limited time’ or ‘Don’t miss out’. This helps scammers avoid detection and continue their efforts to manipulate users in a one-on-one setting.
“Ultimately, the best defence against falling victim to scams is education and due diligence. Stick to regulated platforms, look for clear risk disclaimers, and be sceptical of ads that promise exaggerated or risk-free returns. Taking the time to research the company and individual behind the ad can save you from costly mistakes.”
Social media users in the UK are comparatively less exposed to misleading financial promotions, with the lowest share of dodgy ads identified (66.15%), likely due to stricter regulations and enforcement. A third of ads (33.85%) were classified as safe, with Italy following closely behind with 30.77% of ads deemed safe and a notably low share of scam ads of just 3.85%. However, over half of financial ads in the UK (56.92%) are still classified as risky, often promoting speculative investment strategies without proper risk disclaimers, while 9% are outright scams.
More than three-quarters of financial ads in Turkey were deemed risky
