Investment scams remain prevalent on social media, with fraudsters using fake celebrity endorsements promoting investment scams or fraudulent job opportunities, police said on Sunday.
More than 250,000 advertisements promoting scams have been removed from social media platforms over the past two years, the Criminal Investigation Bureau (CIB) said.
In the second quarter of this year, Meta removed 26,074 scam ads, while Google took down 418, the bureau said.
Photo: CNA
CIB data showed that 45.49 percent of the removed ads used photographs of prominent business figures, while 25.12 percent featured bogus endorsements from media or YouTube personalities, 13.56 percent included images of industry leaders or tycoons, and 2.33 percent used political figures.
Most of the ads promoting investment scams contain phrases such as “highly accurate in predicting the next rising stocks,” “set up a portfolio today, earn money tomorrow” and “learning from masters in three days is better than struggling alone for three years,” the bureau said.
Under the Fraud Crime Hazard Prevention Act (詐欺犯罪危害防制條例), social media platforms’ advertising departments are responsible for filtering and removing ads promoting scams, it said.
The act also requires online operators to have an authentication system, and establish a plan for fraud detection, identification and response to protect users, among other requirements, it said.
Social media platforms that do not follow the law could be held legally responsible, CIB officials said.
Since last month, fraudulent job wanted postings have increased, the bureau said.
The ads include hiring for script readers, delivery personnel or commentators, while other ads promote online education courses, activities or community work in exchange for vouchers, it said.
They are clickbait to get people to contact the scammer, who would steal their personal data, convince them to join an investment scheme, open a bank account or transfer funds to an account, it said.
Some even attempt to convince a person to work as a money collector, making the victim an accomplice to the fraud, it added.
During the summer, many fraudulent ads target students or parents with summer camps and children’s activities, the CIB said.
People must verify that the camps and events are legitimate before signing up, it said, adding that people should be wary about providing personal data online, or signing up for free offers or limited-time discounts.
People with concerns, questions, information about fraud or who need help verifying potential fraud should contact the National Police Agency’s 165 anti-fraud hotline.
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