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Cryptocurrency Ads on Facebook May Be a Scam

By Lisa M. Schaffer, Esq. on December 05, 2018 | Last updated on March 21, 2019

It seems a new scam consumer is born every minute, and a new one has just reared its ugly head on Facebook. Its goal is to get your credit card information. Its method is distraction.

How The Scam Works

This scam tries to distract you with advertisements, fake news, and fake endorsements into believing that Singapore has just switched its national currency to CashlessPay cryptocurrency, and offers to let you buy CashlessPay cryptocurrency on their website. Note that CashlessPay currency does not exist. They offer to sell you CashlessPay cryptocurrency using your credit card. And once they have that credit card information, they are off to the races, so to speak. In essence this is a credit card scam, but brandishing the sparkly mystique of cryptocurrency.

Social Media Crackdown on Cryptocurrency Scams

Social media, especially Twitter, has been hit hard by scams involving cryptocurrency. And oddly, no one has been able to block them. Twitter and Facebook tried, but scams kept mutating, evolving past the barriers. Facebook, in particular, has had a hard time with this issue, and as the ads matured and found ways past the barriers, Facebook essentially relinquished control, and now has rolled back their regulations on cryptocurrency ads. The company has handed the reigns over to pre-approved third party advertisers to promote cryptocurrency instead of using Facebook directly.

Social Media Scams On the Rise

The problem with social media scams is that people tend to have a false sense of security for information coming to them from news feeds and friends that they've opted into. What people forget is that Twitter and Facebook are basically ad platforms. So the "news" that they think they see may not be news at all, and not from a trusted source.

If you fall victim to any of these social media scams, be it cryptocurrency or some other method that obtained your private information, call a consumer protection attorney as soon as possible. A legal adviser can help minimize your legal and financial exposure in these scams.

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