02:05 PM EDT, 10/31/2024 (MT Newswires) -- The Commodity Futures Trading Commission warned users of messaging apps such as Meta Platforms' ( META ) Whatsapp and Snap's (SNAP) Snapchat on Thursday to be wary of schemes that could defraud them of assets, particularly those related to cryptocurrency.

The CFTC said it released a customer advisory calling on users to be suspicious of messages that guarantee oversized returns.

The regulator said fraudsters are using default settings of widely used messaging apps, telephone networks and mobile devices like Whatsapp, Snapchat, WeChat, Telegram or simple text messages to lure users into scams through to schemes like crypto pump-and-dump.

Meta and Snap didn't immediately respond to requests for comment from MT Newswires.

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