Man speaks out after losing $172k in social media scam

A man who was scammed out of $172,000 is speaking out in hopes of raising awareness and preventing others from falling victim to social media scams.

Craig Wilkinson told ABC News' Rebecca Jarvis he was looking to build a nest egg for his family, including his wife and kids, when he came across an ad last year on social media for a financial company he believed might be helpful in achieving that goal.

"When I was younger, I figured the [Department of Veterans Affairs] was gonna take care of me. I'm doing fine like that. But then having three kids with my wife, I started thinking that I should have something for the future," Wilkinson, a disabled veteran who volunteers in his community, told Jarvis.

Wilkinson said he responded to a Facebook advertisement from what appeared to be a legitimate financial firm, one he had previously researched, to learn about investing.

Wilkinson said the ad led him to a WhatsApp message group, and he was matched with a mentor named "Emily."

What Wilkinson didn't know was that scammers were allegedly impersonating employees of the financial firm, offering daily investing classes and stock market updates.

New data from the Federal Trade Commission shows scammers use a variety of ways to connect with people, including via phone calls, text messages, emails and through social media.

Scammers can create fake profiles or use what people post to figure out how to target them, and some buy ads to use the same tools businesses use to find and target potential customers by age, interest or shopping habits, according to the FTC.

Emma Fletcher, a senior data analyst for the FTC, told ABC News, "Social media gives scammers the edge. They can target people based on their personal details, their interests, their shopping habits. The scams today seem much less scripted in many cases and more dynamic and customized to the individual that's being targeted."

Wilkinson said he thought he was communicating with a reputable company and representative. He said his "mentor" put in a lot of time getting to know him and took an interest in his life.

"It's the questions to get to know you. And then, you know, 'How's your mom doing?' Just one thing after another," he recalled.

Wilkinson said he initially invested $5,500 with the scammers, and after five months -- and seemingly thousands of messages later -- his investment appeared to grow to more than $3 million.

When he tried to withdraw some of his money, however, Wilkinson said he was told it would cost him multiple fees. By then, he had invested $170,000.

He said he decided to contact police and the FTC, who are now investigating and working to potentially recover his money.

Meta, which owns Facebook and WhatsApp, told ABC News it has taken action against the WhatsApp accounts that violated its polices.

"We aggressively combat scams across our platforms with strong default protections and advanced detection systems," the company said in a statement, adding that it is "continuing to invest in new technology" in order to "help people spot and avoid scams."

Meta also said it now prohibits U.S. financial service ads from linking to messaging services, which is what led Wilkinson to fall victim to a scam.

How to avoid social media scams

The FTC says investment scams on social media have been on the rise in recent years, with nearly 30% of reported scams starting on social media in 2025, including shopping scams and romance scams.

According to the FTC, approximately $1.1 billion was lost to investment scams on social media in 2025, accounting for more than half of the $2.1 billion lost to all scams combined.

To help you spot and avoid a scam, the FTC suggests looking for these four warning signs:

1. Double-check where your information is from. Scammers often pretend to be from a legitimate organization and can reach out to you under a real name or business.
2. Scammers may say there's a problem or a prize for you. Examples may include claiming you're in trouble with the government, claiming you owe money, or claiming someone in your family has an emergency you should respond to. Again, double-check if your information is accurate or not.
3. Scammers may pressure you to act. Don't rush to action before you double-check whether there is an urgent matter to address.
4. Scammers may direct you to pay up in a specific way. They may ask for money through cryptocurrency or by wiring funds.

The FTC recommends blocking any unsolicited phone calls or text messages, not giving out any personal information, resisting the urge to act immediately in a situation unless it is a true emergency, and remaining aware of how people and scammers are communicating and telling you to pay.