The post What can be done about crypto scam ads? appeared on BitcoinEthereumNews.com.

Crypto scam ads promising wild riches have appeared on Facebook for years, yet there seems to be little progress in stopping them once and for all. With every passing week, the number of audacious crypto scam ads online — and the unsuspecting victims losing eye-watering sums of money — continues to grow. And to make matters worse, they’re often found on the social networks we trust the most, Facebook and X among them.  Both tech giants are losing in the battle to protect their users from fraudsters attempting to entice them with too-good-to-be-true crypto investments. Many of these bogus ads mimic official news sites and contain false quotes from celebrities in an attempt to generate a sheen of credibility. And while they are rapidly taken down after being reported, it’s like a game of Whac-A-Mole, with dozens more subsequently popping up in their place. But how big of a problem is this, and what can social networks do to eradicate scam ads once and for all?  Lawsuits galore High-profile individuals are fed up with their names and pictures being used in scam ads — prompting some to take legal action against the sites they appear on. One of the first to head to the courts was Martin Lewis, a British journalist who is known as “Money Saving Expert” for his personal finance tips. Given how he has long been a trusted voice on money matters, it’s easy to see how someone could be drawn into a bogus ad touting a once-in-a-lifetime opportunity. Back in April 2018, he sued Facebook for defamation with a goal of pressuring the company into stepping up its efforts in preventing these ads from appearing. By January 2019, Lewis had reached a settlement that included a $3.8 million donation to a new, independent project tasked with…

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Filed under: News - @ June 28, 2024 4:16 pm