Investment Scams
During times of economic uncertainty, many Americans may be enticed to seek out alternative investment opportunities in an effort to build and protect their wealth. Fraudsters are well aware of this and ready to exploit it. According to the Federal Trade Commission (FTC), in 2025, over 143,000 reports of investment related fraud were received, with a median reported loss of more than $10,000.
The FTC report states that the most common method of contact is through social media. In fact, Oklahoma Attorney General Gentner Drummond recently warned about the prevalence of investment scams on platforms like Facebook, Instagram and WhatsApp. “From fake investment platforms to deepfake celebrity endorsements and fraudulent cryptocurrencies, scammers are using social media to target unsuspecting consumers,” Drummond said.
Two of the more common schemes include:
Pump and Dump Scams – a scheme in which fraudsters advertise and hype low-value stocks or cryptocurrencies using false or misleading information, only to sell when the prices become artificially inflated. The victims lose their money when the investment value inevitably freefalls.
Confidence Scams – also known as Pig Butchering scams, in which a fraudster develops a trusting relationship with a victim and convinces them to use a fake investment platform controlled by the fraudster. Once the victim has “invested” an amount the fraudster believes is all they can get, they lock the victim out of the platform, take all the money and cease communication with the victim.
Social media sites like Facebook host millions of ads every day, and these ads are specifically targeted based on how you interact with the platform. So, if you’re consuming content related to investment opportunities, you’re likely to be shown ads on that subject. Some may be legitimate, but many others are not. Thankfully, there are ways to protect yourself. Your best defense is not to engage with those ads at all. But, if you do, be skeptical of any claims that seem too good to be true. If the advertiser guarantees huge returns, boasts about celebrity endorsements (which are easily faked with artificial intelligence) or uses high-pressure tactics to get you to invest, it’s likely to be a scam.
If you’re still unsure, there are resources available to verify credentials. Check third-party review websites, search for the company on BrokerCheck, a free tool provided by the Financial Industry Regulatory Authority (FINRA), or better yet, consult a licensed financial advisor before investing any money.
If you believe you may have fallen victim to an investment scam involving your MidFirst Bank account, call 888.MIDFIRST (888.643.3477) for assistance. Additionally, you can report fraud to the FTC website or your state’s attorney general.