According to recent media reports, an average of 3,000 people fall victim to a scam on the lead social media and messaging platforms every single day. This means that more crimes are committed via Meta-owned platforms than the combined number of robbery, burglary, homicide and knife cases in the UK each year.
The shocking findings were exposed following a Money Mail investigation. In total:
- 16 % of UK crime recorded by the police in 2022 originated on Facebook, WhatsApp and Instagram (all owned by Meta)
- More than half a million victims a year are losing money to Meta scams
- More than £1.2billion was stolen through fraud in 2022
- 61 % of all APP (authorised push payment) scams originate on platforms owned by Meta
Worryingly, the tech titans do not have to reimburse victims who have lost money due to scams perpetrated on their platforms. And if an individual sends “money by bank transfer to a fraudster or a fake investment company, there’s no legal protection”.
At KP Law, our Investment Fraud & Mis-Selling team helps individuals impacted by investment and pension scams, fraud, and mis-selling to get their money back. And we have been calling for greater regulation to prevent fraudulent investment adverts on social media platforms for some years now.
Social media investment scams
Despite investment advertising being heavily regulated in the UK, fake ads are routinely popping up on social media. Not least because social media allows criminals to reach a very large number of potential victims, including those that may be particularly susceptible to fraud, very quickly and cheaply.
Our Investment Fraud & Mis-selling solicitors regularly hear from victims of investment scams that began with offers of high returns on social media but ended with a total loss of capital, and no way to track down the fraudsters. As such, we strongly support calls to force social media companies to properly vet ads before publishing them, whilst also holding them liable for losses resulting from any failure to do so.
Until then, it remains a case of “buyer beware”. And any social media advert promising unusually high returns, unrealistic guarantees or “get rich quick” schemes should be avoided and reported, both to the social media platform and the police. Crucially, individuals should never part with cash they can ill-afford to lose without taking proper advice from a suitably qualified, UK-regulated financial advisor.
Get your money back after investment fraud
At KP Law, we help people affected by investment fraud get their money back. Providing a cool head in a crisis, we remove the burden from your shoulders as we fight for justice. What’s more, because we offer no-win, no-fee funding arrangements, you benefit from expert legal support and complete peace of mind without having to worry about costs.
Our solicitors have even won cases where victims had been told that there was little to no chance of compensation. However, before we can start your claim, we will need to confirm that you received financial advice before investing.
Contact us in confidence to find out how we can help.
