Meta launches tools to curb payment fraud

Meta, the company behind Facebook, Instagram, and WhatsApp, has announced tools to help people spot and avoid online investment and payment scams.

These tools, tips, and partnerships will help people globally identify and avoid online scams as these scams continue to grow in sophistication and scale across social media and messaging platforms.

The post states, “From proactive platform alerts to global law enforcement partnerships, the effort is designed to disrupt scam networks and empower users with better tools to stay safe.”

“Scammers often contact people by e-mail, social media, texts or calls with offers of 'exclusive' or special opportunities, or invitations to join 'investment coaching' groups. These scams often promise quick and easy returns with little to no risk on assets like shares of a company, crypto-currency, real estate or precious metals and coins.”

The initiative includes four key updates: in-app scam alerts on Messenger, Instagram, and Facebook; tools for privacy and account safety; increased visibility for instant payment scams; and AI-powered facial recognition to identify and remove celeb-bait scams.

Meta also stated that a common investment scam to watch out for in South Africa involves scammers posing as employees or investment coaches affiliated with cryptocurrency apps like Luno and Valr.