A disabled US veteran is speaking out after losing more than $170,000 in a sophisticated social media investment scam, becoming one of many victims of a rapidly growing online fraud industry.
The Scam Unfolds
Craig Wilkinson, a disabled US veteran, responded to a Facebook advertisement that appeared to be from a legitimate investment firm. Believing it would help him build a nest egg for his family, he was instead drawn into a complex fraud. "When I was younger, I figured the V.A. was gonna take care of me. I'm doing fine like that. But then having three kids with my wife, I started thinking that I should have something for the future," Wilkinson told ABC News.
The ad led him to a WhatsApp group focused on financial advice, where he was paired with a mentor named Emily. The group offered stock market updates and educational classes, and Emily made an effort to build trust through personal questions. After an initial investment of $5,500, Wilkinson was induced to hand over approximately $170,000 as his supposed returns grew into the millions. However, when he tried to withdraw the money, he was told he needed to pay steep fees—a common pattern in investment scams.
Scope of the Problem
According to the Federal Trade Commission (FTC), investment scams originating on social media accounted for roughly half of the $2.1 billion lost to financial fraud in the US in 2025. "Social media gives scammers the edge," said FTC senior data analyst Emma Fletcher. "They can target people based on their personal details, their interests, their shopping habits. The scams today seem much less scripted and more dynamic."
Online scamming has become a complex global industry, ranging from romance scams to fake cryptocurrency schemes, supercharged by generative AI that allows scammers to personalize dialogues at scale.
Meta's Response
A spokesperson for Meta, Facebook's parent company, stated that it now bans financial service ads from linking to messaging services like WhatsApp. "We aggressively combat scams across our platforms with strong default protections and advanced detection systems," the company said, adding that it continues to invest in technology to help users avoid scams.
Red Flags to Watch For
The FTC advises consumers to be aware of four key signs of investment scams:
- Impersonation: Scammers often pose as legitimate organizations such as banks or financial firms. Always verify the source of any unsolicited outreach.
- Problems or Prizes: They may claim there is a family emergency, government investigation, or once-in-a-lifetime opportunity.
- False Urgency: Scammers pressure victims to act quickly without thinking, often threatening negative consequences or loss of opportunity.
- Specific Payment Methods: They often demand payment through a particular app, website, or cryptocurrency.
Wilkinson has reported the scam to the police and the FTC, which are now investigating and working to potentially recover his money.
