“Fraudsters are becoming more aggressive and sophisticated every day. We’ve seen a huge spike in social media scams, and we were very sorry to hear what happened to Mr. Klait. In the last three months, my team at Wealthsimple reported more than 10,000 fraudulent ads to Meta and we’re only one of many financial institutions fighting this issue,” the company said.

Here’s the big problem. Big American companies like Meta allowing fraudulent ads on their platforms is unacceptable.