As we’ve seen across various other social media websites in the past, users need to be aware of ongoing scam trends, and the latest on Facebook and Instagram is targeting people looking for debt relief.
The Harris and Partners law firm claims it has seen a massive increase in people affected by this scam. The firm mentions that the fake ads usually mention “Government-backed relief” or promises to “write off debt.” These types of online scams have been going on for years, and the Government of Canada even issued a warning about them in 2023. The Canada Revenue Agency has also posted warnings about these scams this year.
Typically, once people get involved with these scams, they’re charged thousands in fake fees for unregulated consulting, a service which should, in theory, be free, according to Harris and Partners.
The firm states that these ads are running often on Meta-owned platforms like Instagram and Facebook and will regularly remain up for months even after being reported.
If you do feel the need to talk to someone about debt relief, the firm stresses that you should look for a licensed insolvency trustee and not help through advertising found on social media. It even goes as far as to say that traditional trustees are being crowded out of the market by bad actors with large budgets funded by previous scams.
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