Misinformation on social media poses a significant threat to individuals and society. This study examines the effectiveness of in-platform fact-checking tools in reducing the spread of misinformation. To this extent an online survey was conducted to assess individuals' awareness of misinformation and fact-checking tools, their behavior toward social media, and how it impacts their exposure to misinformation and the sharing of misinformation. The authors found a concerning reliance on social media as a primary news source, highlighting the need for readily available verification mechanisms. Encouragingly, awareness of misinformation correlated with fact-checking tool use. Participants utilizing fact-checking tools reported encountering less misinformation. Notably, participants with higher education displayed greater concern about misinformation. This study demonstrates the potential of fact-checking tools, particularly among educated individuals, but emphasizes the need for a multi-pronged approach. This includes improved tools, awareness campaigns, critical thinking skill development, and fostering a culture of inquiry.