New Jersey Attorney General Jennifer Davenport is warning residents about a growing wave of investment scams circulating on social media platforms owned by Meta Platforms, including Facebook, Instagram and WhatsApp.

Davenport, along with the state Bureau of Securities, says the scams are becoming increasingly sophisticated, often using deceptive ads and “deepfake” technology to trick users into handing over money.

Common schemes include so-called “pump and dump” scams, in which fraudsters artificially inflate the price of stocks or cryptocurrencies before selling off their holdings, leaving unsuspecting investors with losses. Other scams involve building personal relationships with victims — sometimes over weeks or months — to gain trust before directing them to fake investment platforms that drain their funds.

Authorities also pointed to fraudulent cryptocurrency schemes promising high returns or exclusive opportunities as a major source of losses.

“We are concerned that Meta’s social media platforms are increasingly becoming a hotspot for investment scams that swindle New Jerseyans out of their hard-earned money,” Davenport said in a statement, urging residents to carefully vet any investment opportunity encountered online.

Acting Division of Consumer Affairs Director Jeremy Hollander said scammers often rely on hype and urgency to push victims into making quick decisions without proper research. “If an opportunity seems too good to be true, it probably is,” he said.

Bureau Chief Keith A. Alt added that increased awareness is key as fraudsters evolve their tactics. “Investor protection begins with prevention,” he said.

Officials advised residents to be wary of unsolicited investment offers on social media, avoid acting under pressure, and maintain records of any financial transactions or communications. They also warned about so-called “asset recovery” services that claim they can retrieve lost funds for a fee, noting that some of those offers may themselves be scams.

Anyone who believes they have been targeted or victimized is encouraged to report the incident to state authorities through the Bureau of Securities website or by calling its investor hotline.

State officials said additional information on identifying and avoiding investment scams is available through the Division of Consumer Affairs.