Facebook Actively Aiding and Abetting Cryptocurrency Scams

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  • Scammers are highly active in the crypto world, with scammers functioning on just about every social media platform, including Facebook
  • Facebook isn’t doing enough to educate its moderators on crypto scams, leading to many scams lasting far longer than they should on the popular social media platform
  • By refusing to educate its moderators on crypto scams, Facebook is actively aiding and abetting in the numerous crypto scams that are active on its platform and should be held accountable

Cryptocurrency scams are everywhere you look, making their way into every facet of your daily life. For the most part, these scams are very easy to spot, but some can be a bit more complicated.

However, today we’re taking a look at the scams that appear on Facebook and how Facebook refuses to do anything about these scams, letting scammers roam free to scam the good people of Facebook.

Refusing to Take Action is Aiding and Abetting

One popular Facebook scam is rather simple and easy to spot, if you’ve got an ounce of common sense. Scammers create a Facebook page and head to popular crypto groups, sharing images of users from the group with captions that state that the Facebook user has won a large amount of crypto. All they have to do is get in touch, divulge a few personal details and they will receive their winnings.

However, in order to claim your funds, the scammers request that you send some Bitcoin or Ethereum, depending on the scammer, to the scammers wallet so that they can verify your wallet address. They then claim they will send the funds back along with your winnings. But, as all good crypto scams go, once you send the Bitcoin or Ethereum, you won’t hear from the scammers again and will find yourself banned from the pages.

This is where Facebook’s lack of action comes in. Despite being so very clearly a scam, no matter how many people report the page for being a scam, Facebook’s army of moderators reply back saying that the page doesn’t go against any of the community guidelines… we’re pretty sure that scamming people isn’t part of the guidelines.

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Why is Facebook so Slow to React?

Every minute that Facebook delays in banning these scammers from their platform is another minute that scammers have to rustle up cash from innocent Facebook users. To newbies in the crypto world, the prospect of having won 10 Bitcoin is rathe exciting, so it’s imperative that Facebook acts as fast as possible. However, Facebook’s human moderators are the issue.

Humans are slow to react and can only check so many posts per day. So, in order to meet quotas, these moderators often don’t fully check posts, uses canned responses to clear their queue as fast as possible. Another issue is a lack of crypto education amongst the moderator pools. Without knowing what a crypto scam looks like, these scams will continue to slip through moderator pools and remain in Facebook.

What’s the Solution?

Sadly, there isn’t really a solution to the issue. Until Facebook properly trains moderators to understand crypto scams, then Facebook will continue to allow scammers to roam free on its platform. Scammers have been using Facebook to run ads, claiming to be backed by famous business people, leading to the business people suing Facebook for not being thorough enough in their moderation. This is exactly the problem Facebook needs to address.

Until then, Facebook is definitely aiding and abetting scammers on its platform through the lack of resources its dedicating to tackling scammers. Facebook is just as bad as the scammers and should be held accountable for the actions of scammers on its platform.