Business

Steve Kaaru

Australian crypto scammers prey on the gullible with Facebook’s help

In Australia, it’s a case of same script, different cast. Crypto scammers have been profiting from a Facebook scam in which they use the doctored images of Aussie celebrities. The criminals have gone as far as using doctored videos in which Aussie television presenters talk about just how lucrative the opportunities are. There’s one twist, however. Facebook has refused to take any action against them.

According to a report by the Daily Telegraph, the criminals have been using photos of Waleed Aly and Karl Stefanovic, two of Australia’s best-known TV presenters. They then manipulated their images into a fictional news segment in which the two talk about investing in cryptos. Stefanovic tells Aly of a very lucrative investment opportunity using Bitcoin Trader.

On some of the ads, the criminals have used Stefanovic’s well-known candor, describing him as “a straight-talker who doesn’t mind being honest about how he makes his money.”

On another ad, the criminals wrote:

“The Project co-host Waleed Aly was left in disbelief as Stefanovic pulled out his phone and showed viewers how much money he’s making through this new money-making program that now has everyone in Australia whispering.”

However, the con isn’t the biggest news in this latest scam. The most shocking part about it is that Facebook has already been notified of the scam. According to the Daily Telegraph, some of the concerned Facebook users reported the ads to the social media giant. However, the company is unwilling to do anything about them.

The report revealed that Facebook told those who reported that the ads don’t breach their terms and conditions. The company rejected the complaints, saying that the ads were acceptable.

However, Facebook has been on record stating that it doesn’t allow deceptive and misleading content on its platform. In fact, the company banned crypto ads last year claiming that they were being used by criminals to con unsuspecting users. It lifted the ban towards the end of the year, but only from pre-screened advertisers. So, why the double standards?

Just a few months ago, Facebook had to donate £3 million to settle a lawsuit launched by Martin Lewis. The U.K consumer finance journalist had sued the company for its repeated failure to prevent fraudulent ads using his name and image. Facebook donated the money to Citizens Advice, an anti-scam project.

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