Meta has deleted 6.8 million WhatsApp accounts tied to scam operations in the first half of this year, according to a new report. In fact, the number of reported investment scams on social media alone has trebled since 2019, with total losses rising from £13m to £75m a year.1,2
But where in the world are users most exposed to these dodgy financial ads, and what are the most common phrases scammers use?
To find out, the forex broker experts at BrokerChooser scraped the Meta Ads Library and analysed more than 5,000 active finance-related ads to identify the countries where users are most susceptible to this growing wave of online financial deception.
Key findings:
- The UK has the lowest exposure to dodgy finance ads (66.15%), but over half (56.92%) of ads on Meta still deemed risky
- South Africa tops the list with a staggering 37.50% of ads flagged as outright scams and 62.50% identified as risky
- Fraudsters tend to exploit personal messaging apps, directing users to WhatsApp, Telegram and Instagram to bypass platform detection
- Common scam phrases include calls to action like “Visit Instagram profile”, “Send WhatsApp”, and “Join Telegram”, often combined with urgent language such as “Limited time” or “Don’t miss out.”
Spot the scam: Top fraud phrases in Meta finance ads revealed
Adam Nasli, from BrokerChooser, commented on the rise of investment scams across social media:
“Social media has become a prime hunting ground for scammers, with billions of people using these platforms globally. Fraudsters exploit this vast reach by targeting users with enticing promises of unrealistic returns and quick profits. Common red flags include high-pressure sales tactics, unsolicited messages, and a lack of transparent documentation.
Our analysis reveals that many scam and high-risk ads attempt to bypass platform moderation by directing users to private messaging apps. Phrases like “Visit Instagram profile”, “Send WhatsApp”, “Join Telegram” are commonly used, often paired with urgency-driven language such as “Limited time” or “Don’t miss out”. This helps scammers avoid detection and continue their efforts to manipulate users in a one-on-one setting.
Ultimately, the best defence against falling victim to scams is education and due diligence. Stick to regulated platforms, look for clear risk disclaimers, and be sceptical of ads that promise exaggerated or risk-free returns. Taking the time to research the company and individual behind the ad can save you from costly mistakes.”
Where in the world social media users are the most at risk of financial scams
| Rank | Country | Total finance- related ads on Meta | Safe ads % | Riskyads % | Scamads % | Proportion of dodgy ads (risky & scam) |
| 1 | South Africa | 32 | 0.00% | 62.50% | 37.50% | 100.00% |
| 2 | Belgium | 68 | 5.88% | 83.82% | 10.29% | 94.12% |
| 3 | Turkey | 215 | 8.37% | 78.14% | 13.49% | 91.63% |
| 4 | Germany | 44 | 9.09% | 79.55% | 11.36% | 90.91% |
| 5 | United Arab Emirates | 130 | 9.23% | 79.23% | 11.54% | 90.77% |
| 6 | Pakistan | 185 | 9.73% | 74.05% | 16.22% | 90.27% |
| 7 | Spain | 55 | 10.91% | 83.64% | 5.45% | 89.09% |
| 8 | Australia | 98 | 16.33% | 66.33% | 17.35% | 83.67% |
| 9 | India | 296 | 17.91% | 71.96% | 10.14% | 82.09% |
| 10 | United States | 252 | 24.21% | 62.30% | 13.49% | 75.79% |
| 11 | France | 16 | 25.00% | 75.00% | 0.00% | 75.00% |
| 12 | Italy | 26 | 30.77% | 65.38% | 3.85% | 69.23% |
| 13 | United Kingdom | 65 | 33.85% | 56.92% | 9.23% | 66.15% |
The full dataset used throughout this study can be found here.
Scam ads: Make unrealistic financial claims, promise guaranteed returns or risk-free passive income. Risky ads: Promote speculative strategies or unregulated endorsements without proper risk disclaimers. Safe ads: Educational or neutral content promoting regulated services without exaggerated claims.
Exposure to dodgy financial ads is lowest among UK social media users
Social media users in the UK are comparatively less exposed to misleading financial promotions, with the lowest share of dodgy ads identified (66.15%), likely due to stricter regulations and enforcement. A third of ads (33.85%) were classified as safe, with Italy following closely behind with 30.77% of ads deemed safe and a notably low share of scam ads of just 3.85%. However, over half of financial ads in the UK (56.92%) are still classified as risky, often promoting speculative investment strategies without proper risk disclaimers, while 9% are outright scams.
South Africa has the highest proportion of dodgy financial ads on Meta
South Africans are the most vulnerable to financial scams on social media, with all finance-related ads analysed on Meta identified as either risky or outright scams. Of these, over a third (37.50%) were confirmed scams, while around three in five (62.50%) were deemed high-risk. This reflects South Africa’s broader cybersecurity challenges as the country ranks fifth globally for cybercrime density.3 BrokerChooser‘s analysis also reveals that scam ads in SA often encourage contact via WhatsApp or joining WhatsApp groups – a tactic often used to bypass platform moderation.
“Fire your boss” and “no challenge sign-up” are among the phrases used to lure in Belgians
Belgium ranks second with over 94% of financial ads on Meta platforms considered dodgy. The country has the highest share of risky ads at 83.82%, exposing Belgian users to misleading content that blurs the lines between legitimate investments and scams. Many promote speculative digital currencies and prop trading, boasting claims like “instant account” and “no challenge sign up”, large funding offers up to 500K, and access to “100+ digital currencies” with “ultra-low spreads”. Slogans like “fire your boss” are used to lure users with promises of financial independence.
More than three-quarters of financial ads in Turkey were deemed risky
Turkey online users are the third most at risk, with 91.63% of financial ads on Meta deemed dodgy. Safe ads only make up 8%, while over three-quarters (78.14%) are risky. They tend to promote forex trading, enticing users to “join telegram for daily updates & profits” or offering “free daily forex signals with 85%+ win rate accuracy”. Scam ads (13.49%) frequently promise guaranteed returns—such as “$1500 per week from a $300 investment”—and push AI-driven trading platforms, claiming “99% accuracy” and with “no effort needed”. These too-good-to-be-true claims are typical hallmarks of fraud.
Germany and the United Arab Emirates round out the top five with 90.91% and 90.77% of finance-related ads considered dodgy, respectively. In the UAE, scammers commonly use high-pressure language to create urgency such as “Hurry! Invest now in stock market before the prices totally go up” and tout unrealistic gains like “120% refund on your first payout” and “Get up to 220% return on investment within 50 days“. This inflated and time-sensitive language is a clear red flag.
Methodology:
In response to the growing presence of scam adverts on social media platforms, forex broker experts at BrokerChooser analysed financial advertisements across 15 countries using data collected from the Meta Ads Library.
- Approximately 5,700 active adverts were sourced for analysis.
- Only adverts from 2018 to 2025 that were active on 04/06/2025 were included.
- Poland and Portugal were excluded from the research due to a limited number of active ads.
To ensure data quality and standardise ad content, the experts took the following steps:
- Removal of emojis and special characters to standardise the text content.
- Initial deduplication based on the cleaned content to eliminate exact duplicates.
- Further deduplication using fuzzy matching via the RapidFuzz Python library to detect near-duplicate texts with minor variations.