California Attorney General Rob Bonta recently issued a consumer alert regarding a sharp increase in fraudulent investment schemes circulating on social media — specifically across Meta platforms like Facebook, Instagram, and WhatsApp.
The Attorney General’s Office is warning Californians of high-stakes scams — including “pump and dump” and “confidence” schemes — that use increasingly deceptive tactics:
As digital platforms continue to evolve, so do the tactics used by bad actors — making public alerts like this an important tool in protecting Californians’ hard-earned savings.
Credit unions see firsthand the real impact these scams have on members and their families and are often on the front lines — questioning suspicious transactions, pausing activity when something doesn’t look right, and working directly with members to prevent losses before they occur. At the same time, credit unions are continually strengthening their fraud prevention efforts to keep pace with these increasingly sophisticated threats.
California’s Credit Unions applauds Attorney General Bonta for elevating awareness of this growing threat. California’s Credit Unions appreciates the Attorney General’s leadership on this issue and share the commitment to ensuring credit unions and their members have the information and support they need to protect themselves in an increasingly complex digital environment.
The California league also encourages credit unions to inform their members of these red flags. Anyone who has been targeted or victimized by these schemes is encouraged to file a report via the California Department of Justice’s website at oag.ca.gov/report.
