Investment scams skyrocket on WhatsApp and Facebook, says CloudSEK

Prominent social media platforms WhatsApp, Facebook, X (earlier Twitter) and Telegram have seen disproportionate rise in investment scams over the last few months, a research by cybersecurity firm CloudSEK has revealed.

The firm in its research discovered over 29,000 malicious investment advertisements on Facebook along with a staggering 81,000 fake investment WhatsApp groups during the period of January to June, 2024.