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How Facebook became the friend of fraudsters | Money

Investments

How Facebook became the friend of fraudsters | Money

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Adverts for get-rich-quick bitcoin scams, fake investment bonds that promise to pay 7 per cent interest a year and unregulated cryptocurrency and foreign exchange trading schemes are regularly being posted on Facebook.

Over the past few weeks Money found more than a dozen adverts on Facebook and Instagram that appeared to be scams.

In a bid for greater transparency Facebook’s parent company, Meta, has published a library of all the adverts that are live on its website and on Instagram. Money searched the library using terms such as “investment bonds”, “investment opportunity” and “crypto investment”.

Among the 738,000 live adverts, including those for legitimate financial firms such as HSBC and JP Morgan Asset Management, we found the Money Saving Expert, Martin Lewis, being used in

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