Facebook Ad scams turning people against Bitcoin: The reason behind price drop?

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Facebook is known for its reckless behavior when it comes to user data and user safety. There is a new trend of Facebook scams that are trending on Facebook these days and was noticed by authorities and people.

The users are being targeted by scammers and fraudsters, where they post advertisements to lure the users into investing in fictitious bitcoin scheme. These “beneficial schemes” pop up on the user’s screen now and then and sometimes they fall for the “too good to be true” deals.

In January, another such scam circulated the internet where it showed as if the Prime Minister of Malta was endorsing the scheme. This time the face used by these scammers is the face of the hotel industry magnate in Malta, Alfred Pisani, the chief of the Corinthia Group.

These scammers try to make the ads look legitimate by adding websites and filling them with information about the current programs and presenters, along with logos of Maltese television channel. They even add fake comments in the comment section to give the impression that all the things posted are true.

The government has asked the public to be aware of such scams and if it looks “too good to be true,” then it is not true. Although the government has issued no official warning to the public about these scams, they have asked the people to avoid these ads. In case, people are not able to find a way out or are having second thoughts; they can report this to Malta Financial Services Authority(MFSA).

These scams are not just running in Malta, recently, a New Zealand TV host, Duncan Garner, faced the same issue when his face was used in promoting a Bitcoin scam ads. He made an official statement on the TV show that he was not a part of any Bitcoin scam or luxury car ads.

He spoke to the Police Commissioner John Edwards on his show talking about the online scams and protecting one’s data. These scams are reported to the considered authorities as well as to Facebook, but it looks like not much is happening to fix these.

Anyone with the basic knowledge of the financial industry can immediately conclude these as a scam, but there people of a certain age or those people who are not financially literate and can fall for these scams.

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Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

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