Fake news, when things sound too good to be true

Last month we here at Visionvest received a real-life lesson in fake news, when things sound too good to be true.

We discovered a few five-star reviews on our corporate Facebook page that didn’t make any sense. In each review we were highly praised (which we liked), but they were all for staff we didn’t have and actions we didn’t take.

“I had a great meeting with Michelle. She really gave me great advice! Invested $1,000 in crypto and got $11,000 back in two weeks. You can reach her at michellecrypto@****.com.”

There were a couple red flags here:

• We don’t have a Michelle in the office. 

• We don’t sell any cryptocurrencies.

• We don’t ever deal with the kind of high-risk investments that would go up tenfold overnight like that.

Obviously, we reported the reviews to Facebook and tried (unsuccessfully) to them take down. We were, however, able to comment on them noting to readers that they were fake. But it got me thinking about the effect of this type of scam. I can’t say for sure what the perpetrators were after, but upon reflection, it’s likely they sought a multitude of results. 

We are a highly respected, boutique financial firm in White Rock. The reviewers were probably hoping that someone would reach out to their WhatsApp or email addresses provided, trying to trick people into thinking they were dealing with us, and using the trust that people have in us to perpetrate a scam.

It’s likely an additional motive was to simply talk up cryptocurrencies (such as bitcoin, dogecoin, etc.), legitimizing them by making it all more visible and validating them with a trusted source.

One of the reviews even went so far as to include a hashtag for their fake employee. It’s possible that including a link to their Twitter improved their Google analytics, making it more likely that they would be seen in a random search, though it also could have been an attempt to introduce malware to the reader’s computer or mobile device through the link.

Now, I’m not a web or Facebook expert. Far from it. I’m sure there are other possible benefits they may have gained by the postings, but one particular reason this is so insidious is that, by providing five-star ratings, I could see how some firms might be tempted to turn a blind eye to them. After all, we all want more four- and five-star reviews. Clearly those creating the fake reviews have put at least some thought into their strategies.

So, what’s the takeaway? If you see something, say something. Credible firms want to know when something is amiss and will greatly appreciate a call from you questioning a post, a review, or anything that doesn’t sit right with you. We don’t always have time to be on top of everything that happens online. So much of it is automated that we rely on Google, Facebook, and whatever other social media giant we’re using to ensure everything is on the up and up. 

Even with credible, trusted firms, don’t believe everything you read. Read critically. Think critically. Follow up with a phone call to ask if something is legitimate before acting on it.

Only by remaining vigilant and questioning all online content can you keep yourself safe. Sometimes it’s obvious when something’s not right. One of my favourite fake employees was Kevin McCarthycrypto which is obviously not a real name, but often it’s not so easy to tell. If you aren’t sure, ask friends, ask family, ask someone you know and trust.

Ultimately, I have to admit to feeling a bit blindsided and used with all this. As far as I’m aware, this was relatively minor and had no impact whatsoever. However, even though we were able to address it as much as we could, the simple fact of someone using our reputation to gain trust for unknown reasons makes me feel a bit violated. We can hope that Solomon’s words as quoted in the beginning of this article come true.

Stay vigilant. Let’s all do what we can to protect our friends and ourselves both in person and online. 

Arnold Machel, CFP® lives, works, and worships in the White Rock/South Surrey area. He is a Certified Financial Planner with IPC Investment Corporation and Visionvest Financial Planning & Services. Questions and comments can be directed to him at dr.rrsp@visionvest.ca or through his website at www.visionvest.ca. Please note that all comments are of a general nature and should not be relied upon as individual advice. The views and opinions expressed in this commentary are those of Arnold Machel and may not necessarily reflect those of IPC Investment Corporation. While every attempt is made to ensure accuracy, facts and figures are not guaranteed. 

Arnold is now accepting a limited number of invitations to speak. If you are interested in having him speak to your congregation or other group regarding money matters, please contact us at admin@visionvest.ca or (604) 542-2818 with your preferred date and time.