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CRYPTO SCAM ON FACEBOOK? MARK ZUCKERBERG FACES ALLEGATIONS

 


Crypto scam on Facebook?

Due to the size of today's social media platforms, there is also an enormous market for data that is directly linked to the marketing of many companies. Companies can also advertise for specific target groups on Facebook. Due to the enormous number of inquiries, fraudsters who are not interested in honest marketing can often sneak in there.


In a letter on Thursday from US Senators Robert Menendez, Sherrod Brown, Elizabeth Warren, Cory Booker, Dianne Feinstein and Bernard Sanders, they explained these concerns. The letter to Meta's CEO was primarily targeted at Facebook, Instagram, and WhatsApp.


The senators wrote:


While crypto scams are rampant on social media, some of the meta pages are particularly popular hunting grounds for scammers. Of consumers who reported being scammed out of cryptocurrencies on a social media site, 32% said the scam happened on Instagram, 26% on Facebook, and 9% on Whatsapp.

The cause of this problem is often emphasized in the crypto world: Due to the central orientation of the company, fraudsters can quickly circumvent or even completely exploit them by integrating certain standards. The board of directors of a public company often wants to make a profit and have a low administrative burden, which is why many orders are accepted, but the quality of the order verification is relatively low due to the cost-effective structure.


Therefore, senators are asking Mark Zuckerberg what scrutiny is used when promoting crypto projects. This could mean a realignment of the company and significantly more scrutiny of ad buyers. In the past, internet giants such as Google also banned advertising about bitcoin, blockchain and cryptocurrencies for a short time.

The world's second-largest search engine, YouTube, has also been hit with crypto scam complaints in the past. There, the scammers usually had an advertisement placed at the beginning of the video, which often showed a well-known public figure in order to create trust. As a result, users were asked to visit a website or directly send Bitcoin or other cryptocurrencies to a specific address in order to get more back.


This is of course a clear lie. Unfortunately, users of cryptocurrencies still fall for such crypto scam ads again and again. Especially on the big social media sites, no optimal standard has yet been found to reduce this risk for users. It remains exciting to see whether the letter to the CEO of Meta will enable the existing standard to be improved.

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