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One of humanity’s greatest strengths lies in our ability to collaborate to achieve more than we can alone. Just as collaboration can be an important strength, humankind’s inability to detect deception is one of our greatest weaknesses. Recently, our struggles with deception detection have been the subject of scholarly and public attention with the rise and spread of misinformation online, which threatens public health and civic society. Fortunately, prior work indicates that going beyond the individual can ameliorate weaknesses in deception detection by promoting active discussion or by harnessing the “wisdom of crowds.” Can group collaboration similarly enhance our ability to recognize online misinformation? We conducted a lab experiment where participants assessed the veracity of credible news and misinformation on social media either as an actively collaborating group or while working alone. Our results suggest that collaborative groups were more accurate than individuals at detecting false posts, but not more accurate than a majority-based simulated group, suggesting that “wisdom of crowds” is the more efficient method for identifying misinformation. Our findings reorient research and policy from focusing on the individual to approaches that rely on crowdsourcing or potentially on collaboration in addressing the problem of misinformation.