People who use social media have been issued a warning as some of the ads that they see may be 'misleading and potentially fraudulent'
People who use social media have been issued a warning as some of the ads that they see may be "misleading and potentially fraudulent". The consumer experts at Which? found ads on both Facebook and Instagram which appear to provide misleading financial guidance.
Of the 20 adverts for Tesler identified by the research, each raised eight separate serious risk flags. The use of the name ‘Tesler’, with its similarities to automotive brand ‘Tesla’, and other language used may be reinforcing this potentially misleading reference to attempt to draw in victims. Outside of the Tesler ads Which? also found a small number of adverts for binary options, a form of trading banned in the UK in 2019. The FCA has previously warned that any firm offering binary options services is probably unauthorised or a scam.
Rocio Concha, Which? Director of Policy and Advocacy, said: "It is extremely worrying that misleading and potentially fraudulent investment adverts are still being shown to Facebook and Instagram users, putting consumers at risk of immense financial and emotional harm. Top Trending Stories Today Which? chose to investigate Meta because it is more transparent than other online platforms about the advertising present on its platforms, having taken steps to publish all adverts displayed on Meta platforms.
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