WASHINGTON, D.C. — This week, several Attorneys General from all over the country from both political parties issued warnings about the prevalence of scam and fraud ads on Meta platforms, particularly those pushing crypto scams and using underregulated Generative AI technology.  From Connecticut and California to Oklahoma and Wyoming, regulators are taking this seriously. A 42-state bipartisan coalition of AGs has previously warned Meta about scam ads and demanded the company take stronger action.

Last month, CFA released “The Scam Economy,” a report estimating that the “true cost of scams” in America is actually $119 billion, not the reported $16 billion to the FBI. The report identifies Meta’s platforms — Facebook at 57%, Instagram at 22%, and WhatsApp at 8% — as the top three online platforms associated with scams, according to the Better Business Bureau. The Global Anti-Scam Alliance has also found that 81 percent of all scam attempts in the US occurred on platforms with a direct message function. The FTC’s most recent data also shows that consumers reported aggregate losses of over $2 billion in 2025 when social media was identified as the contact method.

Last year, CFA released Scamplified: How Generative AI Can Amplify Scams and Fraud with No Regulation or Responsibility, revealing how emerging generative AI technologies are fueling a dramatic rise in online scams and fraud, with devastating financial consequences for U.S. consumers, particularly seniors.

One of the many policy solutions CFA highlights in these reports is increased enforcement from state Attorneys General.

Ben Winters, CFA’s Director of AI and Privacy, said: “We’re thrilled to see AGs call attention to the outsized role Meta plays in knowingly facilitating these devastating and often preventable scams. Meta is profiting from the harm AGs are warning about at the expense of consumers who are suffering the financial and emotional consequences. We encourage AGs to go beyond consumer-facing tips with direct legal action and legislative advocacy to hold Meta accountable for facilitating and profiting from scam ads.”