Imposter Facebook pages used to promote WhatsApp investment scam

How the scam works:

• Scammers create a social media profile impersonating a business leader or notable figure. They publish ads on social media platforms like Facebook and Instagram, often including deepfake videos of the people being impersonated.
• In these ads, the scammers speak about the business person’s successful investment history. The ads encourage viewers to join an investment advice WhatsApp group.
• The WhatsApp groups connect victims with an investment ‘mentor’ or ‘coach’ who provides trading tips or recommends stocks to purchase. The groups usually include a large number of fake profiles, which all speak about their success following the mentor’s investment advice.
• The mentor will often recommend specific low-value shares to the victim, promising high returns. This is a ‘pump-and-dump scheme’. The scammers control large volumes of these shares. They co-ordinate victims’ investments to artificially inflate (or ‘pump’) the share price. They then sell (or ‘dump’) their shares at a profit. When the share price collapses, victims are left with significant losses.
• The mentor may introduce and recommend an investment platform to the victim. The scammers will coach victims through the process for setting up an account and transferring funds. The scammers often request cryptocurrency payments.
• The scammers may instruct victims to install software on their devices. This is malware or remote access software which will give the scammers access to the victim’s sensitive information.
• When the victim tries to withdraw their investment, they are told they need to pay a fee before their funds can be released. Even if these fees are paid, no money is paid out.