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Incident 655: Scams Reportedly Impersonating Wealthy Investors Proliferating on Facebook

Description: Scams are reportedly proliferating throughout Facebook impersonating wealthy individuals such as Bill Ackman, Cathie Wood, Steve Cohen, Peter Lynch, and Ray Dalio. In some cases, it seems deepfake technology is being employed, while simultaneously Facebook's own AI systems are allegedly faltering in their ability to halt the spread of these fraudulent ads despite being reported.

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Alleged: Meta and Facebook developed an AI system deployed by Meta , Facebook and scammers, which harmed Investors , General public , Bill Ackman , Cathie Wood , Steve Cohen , Peter Lynch , Ray Dalio and Peter Bourget.

Incident Stats

Incident ID
655
Report Count
1
Incident Date
2024-01-11
Editors
Applied Taxonomies
MIT

MIT Taxonomy Classifications

Machine-Classified
Taxonomy Details

Risk Subdomain

A further 23 subdomains create an accessible and understandable classification of hazards and harms associated with AI
 

4.3. Fraud, scams, and targeted manipulation

Risk Domain

The Domain Taxonomy of AI Risks classifies risks into seven AI risk domains: (1) Discrimination & toxicity, (2) Privacy & security, (3) Misinformation, (4) Malicious actors & misuse, (5) Human-computer interaction, (6) Socioeconomic & environmental harms, and (7) AI system safety, failures & limitations.
 
  1. Malicious Actors & Misuse

Entity

Which, if any, entity is presented as the main cause of the risk
 

Human

Timing

The stage in the AI lifecycle at which the risk is presented as occurring
 

Post-deployment

Intent

Whether the risk is presented as occurring as an expected or unexpected outcome from pursuing a goal
 

Intentional

Incident Reports

Reports Timeline

Incident OccurrencePhony Billionaires on Facebook Are Scamming Americans Out of Their Life Savings
Phony Billionaires on Facebook Are Scamming Americans Out of Their Life Savings

Phony Billionaires on Facebook Are Scamming Americans Out of Their Life Savings

wsj.com

Phony Billionaires on Facebook Are Scamming Americans Out of Their Life Savings
wsj.com · 2024

Bill Ackman is fighting a losing battle against Bill Ackman. Impostors posing as the billionaire hedge-fund manager on Facebook keep luring hapless investors into stock-market scams—and the real Ackman has been powerless to stop them.

Ackma…

Variants

A "variant" is an incident that shares the same causative factors, produces similar harms, and involves the same intelligent systems as a known AI incident. Rather than index variants as entirely separate incidents, we list variations of incidents under the first similar incident submitted to the database. Unlike other submission types to the incident database, variants are not required to have reporting in evidence external to the Incident Database. Learn more from the research paper.
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