Criminals continue to use The image of Money Saving Expert founder Martin Lewis for defrauding investors through Facebook ads, even though Lewis settled a lawsuit with Facebook parent company Meta over the illegal use of his photos on This type of scam has been going on for years, The Independent reported.
Criminals use Facebook ads to lure victims
According to the report, criminals use Facebook ads to lure their victims to a website that contains articles with false claims about how investors can make over £3,400 with investments as low as £190 by falsely linking them to insiders. industry like Lewis.
One of the article headlines on the website reads:
Special Report: Martin Lewis’ latest investment has pundits in awe and big banks terrified.
According to The Independent, a Facebook spokesperson said the social media giant removed the fraudulent ads before the news outlet brought the matter to its attention. However, it’s unclear how long the fraudulent ads ran before Facebook removed them.
CryptoSlate had previously reported that authorities in Australia had filed legal charges against Meta for failing to curb the spread of fake crypto ads posts on Facebook. Additionally, the country’s richest man, Andrew Forrest, had filed a lawsuit against the giant tech company for failing to stop scammers from using his image to defraud people.
Crypto scams thrive on social media
Crypto scams on social media platforms are not a new phenomenon. A Federal Trade Commission report specifically mentioned that Meta-owned social media platforms Facebook and Instagram are the main sites used by these malicious players to defraud their victims.
According to the FTC report, investors lost more than $700 million due to scams operating on social media in 2021.
Scams on social media platforms typically involve the use of images or videos of prominent personalities in the space such as Elon Musk, Michael Sayloretc., to promote a fake sweepstakes or fraudulent investment scheme.
Some scammers recently did finished $1 million editing vintage video of world’s richest man Musk and former Twitter CEO Jack Dorsey at Ark Invest’s “The ₿ Word” conference.
Such fraudulent cases have led to increased calls within the crypto community for these platforms to do more to protect the industry by blocking all such malicious advertisements and making the rogues take the reins.
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This post Criminals continue to scam people with fake crypto ads on Facebook using the images of Martin Lewis
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