Facebook and Instagram Are Having Problem With Fraudulent Libra Scam Ads

Scammers are everywhere and they are just looking for a chance to steal money from people. As soon as Facebook unveiled its new Libra project, several scammers decided that it was a good idea to mimic the project in order to steal money and now Facebook and Instagram are having to deal with the shameless scammers.

According to a recent report made by the Washington Post, there are already over a dozen pages on Facebook which are “promoting” Libra. They are posing as official companies when they are really scams which prey on people who do not know that because they are not very well-informed.

Pages Were Removed Only After The Washington Post’s Article

Curiously, it seemed that Facebook was largely unaware of these pages on its social media networks. The fake Facebook and Instagram accounts were only shut down after the Washington Post report went online.

Facebook’s official stance is that all pages are removed as soon as they are discovered. If Facebook only removes the pages after they are aware of their existence, it means that the pages passed unknown until the report.

Many of these companies were using photos of Mark Zuckerberg (you know, the CEO of Facebook) and the Facebook logo, so it is pretty baffling that it took so long for them to be removed from the social media platforms.

The scams were all pretty obvious for anyone who worked on Facebook since they all tried to mimic the company without permission.

One of the best ones was Buylibracoins.com, which mimics Libra.org. Not only it has a quite legit-looking address as it has a good design. The site offered the users the “chance” to buy Libra tokens using Bitcoin before the tokens are launched. These users would obviously never receive any token, just lose their money.

If Facebook Lets This Kind of Ad Pass, How Can We Trust It?

It is hard to actually trust Facebook when the company is doing such an awful job of weeding out the scammers on its platform. It was expected that Facebook could at least make its own yard be clean. However, that does not seem to be happening at all.

Facebook has a huge network, so how can it prevent Libra to be used on scams? It seems that the company lacks an actual plan on how to deal with all this. This could end up becoming a major obstacle for the company in the future when Libra is launched.

It should also be remembered that it is the fault of the company that this is happening. After lifting its ban on crypto ads, Facebook eased it once more a month before launching the Libra white paper, which is how these companies are getting away with scamming people.

Trust is such an issue that, according to The Next Web’s Hard Fork, it was mentioned 69 times during the recent hearing that the U. S. Senate had with the head of Calibra, David Marcus.

There are many sites capitalizing on Facebook’s project using its own platform. How to solve this huge trust issue? At the moment, nobody knows, not even Facebook.

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