(WHTM) — Pennsylvania Attorney General Dave Sunday joined 42 other AGs in sending a letter to Meta urging it to combat scam advertisements on its platforms.

Sunday said the scams use images of well-known figures in Facebook ads to lure victims into WhatsApp “investment groups.” Both platforms are owned by Meta Platforms, Inc.

“The people behind these fake advertisements know what they are doing is illegal, that’s why they use celebrities and famous companies to try to trick people into working with them,” Sunday said. “Meta should take responsibility for predatory advertising on their platform.”

The scam is a modern twist on the “pump and dump” scheme. Sunday said they work by encouraging users to purchase a stock — the pump aspect — to inflate its value.

Then, the scammers sell off their shares at a hair price — the dump aspect — Sunday said.

Meta uses automated systems and human review to monitor and remove fraudulent ads, but Sunday said it’s not enough.

In 2023, the Federal Trade Commission reported consumers lost $2.7 billion to online scams since 2021. Investment scams have been a rising tactic to swindle people out of money, accounting for 53% of all the money reported lost due to social media.