Facebook scammers have many strategies to fool users, but one of the easiest is impersonating someone they already trust — or a prominent financial institution. This week, the Malaysian stock exchange Bursa said that it has been relentlessly targeted by these Facebook scammers who have impersonated both the exchange and its CEO in order to bilk money from unsuspecting users.

According to the exchange, many of these scammers run fake ads promising “exclusive stock tips” and other too-good-to-be-true financial benefits. And despite reporting the issue many times, Bursa says that Facebook has been slow to respond, and slow at detecting these frauds in the first place.

“Despite submitting recurring take down reports that establish a very simple and clear pattern of impersonation, we are very concerned that incidents of the same nature continue to occur,” Bursa CEO Muhamad Umar Swift said in a statement. “We need the relevant entities, including Meta, to put in place algorithms or checks to prevent, or quickly detect and put a stop to these blatant scams, which thrive on identity theft and fraud.”

Of course, Bursa is far from the only organization to have a hard time getting Facebook to take its problems seriously. But with so much money at stake, you would think the social media giant would act faster to stamp out this problem.

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