The Hawaii Department of Commerce and Consumer Affairs Office of Consumer Protection (OCP) issued an alert on Apr. 16 warning residents about fraudulent investment schemes spreading across Meta platforms, including Facebook, Instagram, and WhatsApp. The agency said scammers are using deceptive advertisements and deepfake technology to lure people into high-risk scams designed to steal their savings.
The alert comes as social media continues to play a growing role in how individuals encounter financial opportunities and threats. OCP officials say these scams include pump-and-dump schemes, confidence scams, and fraudulent cryptocurrency offers that aim to extract as much money from victims as possible.
OCP Executive Director Mana Moriarty said, “Scammers are using social media and sophisticated tactics like deepfakes to lure Hawaiʻi residents into fraudulent investment schemes. Consumers should be extremely cautious of any online investment opportunity — especially those promising guaranteed returns — and take time to verify before investing.”
According to the OCP release, pump-and-dump scams typically involve luring victims into online groups where they are convinced to invest in cryptocurrencies or low-priced stocks. Scammers hype these investments so prices rise artificially before selling off their own holdings at a profit while victims lose money. Confidence scams often involve fraudsters building trust with victims before convincing them to use fake platforms that drain their funds.
Residents who believe they have been targeted or victimized by such schemes are encouraged by the OCP to report incidents through http://consumercomplaint.hawaii.gov. The agency assures that any identifying information will be protected according to law.
The state government is also engaged in broader recovery efforts for communities affected by wildfires and supports veterans and educators according to the official website. Initiatives such as expanding healthcare access, addressing homelessness through housing programs, supporting wildfire recovery—including in areas like Lahaina—and collaborating on renewable energy projects are among current priorities according to the official website. The Hawaii State Executive – Governor also influences policy with measures like tax reform for affordability and frames homelessness as a health care issue according to the official website.
As digital fraud evolves alongside technological advancements such as deepfakes, state agencies urge ongoing vigilance among consumers when considering financial opportunities found on social media.
