Police authorities have found that the vast majority of online fraud cases and investment scams in Taiwan came from adverts on Facebook through the use of fake images of famous figures, according to the latest report by the Criminal Investigation Bureau (CIB).
Bureau officials set up a dedicated unit to monitor online fraud, and sought the removal of about 50,000 adverts relating to fraud and investment scams on social media platforms in the second half of last year, with 46,000, or more than 90 percent, of the fraud cases found on Facebook.
The report said it requested the removal of adverts online that impersonated well-known figures, such as business leaders, stock market experts, celebrities and politicians, endorsing “profit-making” schemes.
Photo: Screen grab from the Criminal Investigation Bureau’s Facebook page
The CIB criticized Facebook and its parent company, Meta, saying that many of the removed online advertisements later
reappeared and continued to circulate online, adding that the “media platform failed to take appropriate action.”
CIB officials said they have been working closely with the Financial Supervisory Commission (FSC) on online scams and fraud cases since the Securities Investment Trust and Consulting Act (證券投資信託及顧問法) came into effect in June last year.
Data from the report showed that in the six-month period from June last year to the end of
December last year, the CIB had requested social media companies to take down about 50,000 online investment adverts, and that most of them, about 81 percent, had
impersonated famous Taiwanese stock market experts and financial advisers. Second was the impersonation of business and industry leaders at 9.4 percent, followed by fake promotions featuring Internet celebrities and politicians.
“To stop the investment scams and fraud, social media platforms must honor their social responsibility,” the report said, adding that the platforms “should take active efforts to remove the illegal adverts, instead of waiting for requests for removal by police authorities. Both sides must work together to combat the scammers.”
Officials are planning to issue regular public warnings on investment scam adversts on all social media platforms, providing examples of fraudulent messages content to help the public discern them and reduce the likelihood of falling victim to fraud ring operators, the report said.
The report said that people who encounter what seems like a fraudulent advertisement, such as invitations to join Line groups to recieve inside information from celebrities, financial experts or politicians, or touting lucrative investment opportunities, should call the 165 anti-fraud hotline and report the activities.
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