Study Reveals 26,000 Financial Scam Ads on Meta Platforms in October
A new study reveals that Facebook and Instagram hosted 26,000 financial scam ads in October, impersonating major Israeli banks, the Tel Aviv Stock Exchange, and prominent financial influencers.
A new study by Stark Security sheds light on the scale of financial scams operating across social media networks, revealing that at least 26,000 fraudulent advertisements were published on Facebook and Instagram during October alone. The deceptive ads were distributed through 1,005 distinct pages, averaging 843 new ads daily, primarily luring investors with promises of extraordinary returns and fake bank gifts.
To build public trust, a significant portion of these advertisements misused the names, logos, or likenesses of well-known financial institutions and public figures. Stark Security, founded by Daniel Maman, former head of news at cyber firm CHEQ, tracks digital impersonations by scanning Meta's ad library. The findings indicate that on 24 out of 31 days in October, more than 1,000 fraudulent ads ran simultaneously, peaking at 2,900 ads in a single day.
Targeting Major Institutions and Prominent Figures
The Tel Aviv Stock Exchange (TASE) emerged as the most heavily impersonated entity, appearing in 4,846 ads across 302 pages. Investment house IBI ranked second with 4,278 ads, followed by Bank Leumi with 1,340 ads and Bank Hapoalim with 808 ads. Other targeted entities included Tel Aviv University, Meitav, Excellence, Mercantile Discount Bank, First International Bank of Israel, and Discount Bank.
Beyond institutional impersonation, fraudsters heavily exploited financial influencers and professionals. The likeness of financial planner Dor Ety appeared in approximately 6,500 ads—roughly a quarter of all identified advertisements. Other prominent names included Gilad Altshuler, co-founder of Altshuler Shaham, financial content creator Micha Stokes, economic journalist Shaul Amsterdamski, and financial blogger Tamir Mendovsky.
The Shift to Encrypted Messaging Apps
According to the report, 95% of the fraudulent ads promoted investment opportunities, often claiming insider knowledge on stocks or exceptional yields. An overwhelming 92% of these ads redirected users to WhatsApp or Telegram groups or private chats. In one documented case, researchers infiltrated a WhatsApp group called 'Million to One 150,' which masqueraded as a Bank Leumi investment community. The group featured a purported expert named Warren Daniel alongside dozens of allegedly fictitious participants.
Participants were initially provided with genuine market reviews before being steered toward purchasing low-liquidity stocks on the Hong Kong Stock Exchange. This pattern mirrors a classic 'pump and dump' scheme, where operators encourage investors to buy thinly traded shares while covertly offloading their own holdings at inflated prices.
Meta's Response and Regulatory Scrutiny
Researchers noted that 82% of the scam ads exhibited at least two glaring red flags, such as pages with under 100 likes, suspicious URL extensions, or discrepancies between displayed links and landing pages. Meta policy manager Yehuda Ben-Jakob rejected allegations that the tech giant profits from scam ads, stating that such content undermines Meta's business model. He added that Meta removed over 130 million fraudulent accounts globally in 2025 and is testing advertiser identity verification in Israel.
