Rise of Fake Endorsement Scams: Be Cautious of Social Media Investments

Scams involving fake celebrity endorsements, cryptocurrency payments, and QR codes are on the rise. Mark Jayasatria, Group Manager for Fraud Education at TD, says understanding how these fraud schemes work can help people protect their money and personal information.

Celebrity investment scams are becoming increasingly common, with scammers using stolen or fake celebrity images to make bogus opportunities look legitimate. These ads often appear on social media platforms, targeting individuals who may be looking for easy ways to make money.

Another growing concern is cryptocurrency scams, which can take many forms. Scammers may pressure people to send money through crypto ATMs, while others may use phishing schemes to steal personal information or money. Once transferred, the money can be nearly impossible to recover.