Facebook’s plan to become a cryptocurrency player have been temporarily stifled by the US government, and now a wave of fraudulent ads might damage its legitimacy on the eyes of the general public.
Spitting in Facebook’s metaphorical eyes, a pack of fraudsters have created a series of fraudulent ads that appear on Facebook’s own platforms. They purport to sell Libra currency to users on the cheap, just as soon as they input their credit card details of course. These ads aren’t just on Facebook, they also appear on YouTube ad Twitter, ensuring a wide social reach.
“There is a deep irony here in Facebook being used as the platform that could undermine trust in the currency Facebook is trying to build trust in,” Eswar Prasad, economics professor at Cornell University, told The Washington Post this week. “The only way Libra will work well as a medium of exchange is if everyone can trust it. And that’s the big question right now: whether there is going to be enough trust in Facebook.”
For its part, the tech company had this to tell the Washington Post: “Facebook removes ads and pages that violate our policies when we become aware of them, and we are constantly working to improve detection of scams on our platforms.”