Attorney General Gentner Drummond warned Oklahomans on April 7 about a rise in fraudulent investment scams appearing on Meta platforms, including Facebook, Instagram, and WhatsApp.
The alert comes as scammers increasingly use deceptive ads and deepfake technology to trick people into high-risk schemes that can lead to financial loss. These include pump and dump operations, confidence scams, and fake cryptocurrency offers. Drummond said most transactions involving cryptocurrency are irreversible if fraud occurs.
“From fake investment platforms to deepfake celebrity endorsements and fraudulent cryptocurrencies, scammers are using social media to target unsuspecting consumers,” Drummond said. “Reputable brokers and investment advisors do not typically post advice on social media platforms. If an investment sounds too good to be true, it is likely to be a scam.”
Drummond outlined several common tactics used by scammers. In pump and dump schemes, victims are encouraged through online groups to invest in certain stocks or cryptocurrencies that the scammers artificially inflate before selling off their own shares at a profit—leaving investors with losses. Confidence scams involve building trust with victims before persuading them to use fake platforms designed only to drain their money.
To help prevent such crimes, Drummond advised caution when responding to online ads for investments. He urged residents never to take advertisements or sales pitches at face value but instead research credentials through the Financial Industry Regulatory Authority’s BrokerCheck database or consult trusted legal or financial professionals. He also warned against sharing personal information online or allowing remote access from unknown individuals claiming account assistance.
Drummond also highlighted the dangers of “deepfakes”—videos manipulated by artificial intelligence—and stressed vigilance for red flags like promises of guaranteed returns or pressure tactics demanding immediate action.
Last summer, Drummond joined 41 other state attorneys general in sending Meta a letter urging better ad review processes on its platforms. He encourages anyone who may have been victimized by these types of scams to contact his Consumer Protection Unit online or call 833-681-1895.
The Oklahoma Attorney General focuses on combating crime, ensuring government transparency, strengthening tribal relations, and upholding the rule of law according to the official biography. Gentner Drummond leads the office with extensive legal experience according to his official biography. The office also advocates for policies supporting the energy sector as well as educational safeguards while pushing for tougher laws regarding rape and drug distribution according to its official biography.
Additionally, collaboration with state and federal partners is part of efforts against organized crime as described in its official biography, operating within public legal services based in Oklahoma according to background information.
