Scams via fake social media ads surge; victims lose crores, lakhs
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Mumbai: A growing wave of deceptive advertisements on social media platforms is emerging as a major financial threat, with fraudsters luring users through promises of cheap branded products and high-return stock market investments.
These advertisements, which closely resemble regular promotional content on platforms such as Facebook and Instagram, are increasingly being used to trap unsuspecting users. By exploiting trust and creating a sense of urgency, scammers are reportedly siphoning off large sums of money from victims.
In one instance from Mumbai, an IT professional was duped of ₹1.16 crore after being drawn into an investment scheme that promised unusually high returns in the stock market. In another case, a nurse lost nearly ₹1 lakh after responding to a Facebook advertisement offering stylish clothing at just ₹299.
According to details emerging from the incidents, victims were initially persuaded to place orders or make small payments. Subsequently, fraudsters demanded additional payments through WhatsApp under various pretexts such as shipping charges, GPS fees and verification costs. Victims were repeatedly assured that the money would be refunded and the products delivered promptly, prompting them to continue transferring funds.
Cybercriminals are said to be carefully designing these scams using psychological manipulation. The appeal of low-cost deals creates immediate interest, while the fear of losing already paid amounts pushes victims into making further payments. This combination of temptation and pressure has proven highly effective in extracting large sums.
Despite efforts by major technology companies like Meta to remove millions of fake advertisements, scammers continue to evolve their tactics and remain active across platforms.
Authorities have urged the public to remain vigilant and report such frauds through the cybercrime helpline 1930 or via official complaint portals, as concerns grow over the scale and sophistication of these online scams.