NASAA Cautions on Social Media FraudNASAA Cautions on Social Media Fraud

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The North American Securities Administrators Association (NASAA) today sent a warning to investors that social media can make them an easy target for fraud. The advisory is available here.

"As people increasingly turn to online social networking sites to interact with one another, so have con artists who lurk in the virtual shadows with shady investment deals to pitch to unsuspecting investors," NASAA said in a release.

More and more broker/dealers are allowing their financial advisors to use social media interactively.