Crypto scam increasing on social media - page 4.

Daniel91

legendary

Activity: 3374

Merit: 1824

Financial fraud has always existed, only the ways and methods have changed.
Given the growing popularity of crypto, it was expected that the number of frauds would increase, and not only on social networks.
What is the solution? The solution is what most of us do not want to hear, greater regulation and control of state authorities.
Whatever our wishes, regulation will eventually happen, and as far as I hear the EU is already actively working to pass a law on greater regulation of the crypto industry.
Yet the best defense against financial fraud is not in state regulation but in common sense Grin

lovesmayfamilis

legendary

Activity: 2072

Merit: 4265

✿♥‿♥✿

I'm going to sound cynical, but I don't care at all that the scammers managed to scam someone on social media.

We, who have gone through a bunch of scams, will probably never stop at offers of any distribution or the promise of good profit. But the higher the popularity of cryptocurrencies, the more often scammers will manifest themselves. Nothing surprising.

Surprisingly, people want to profit. They believe in social networks, but why are they so naive? After all, there are very few cases when someone wins or makes a big profit. But we see eccentrics who believe in a miracle from the Internet.

Social media is just evil. In addition, we fully provide the authorities with information about ourselves and our relatives and allow ourselves to be deceived.

These people are stupid, and their stupidity is rewarded in every piece of spam that promises wealth.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Unfortunately that's how it is — scams will continue to exist as long as it's profitable and people get tricked. Social media sites can add the best scam/spam filters they want, but they won't be able to totally out the scammers as they will always have newer ways of twisting things to get through the filters. People in general simply just needs to be not careless and delusional.

_act_

legendary

Activity: 1064

Merit: 1298

Lightning network is good with small amount of BTC

New analysis finds consumers reported losing more than $1 billion in #cryptocurrency to scams since 2021
Social media blamed for $1B in crypto scam losses in 2021

What has the government doing so far to regulate social media like they are regulating exchanges, despite that people that are using social media like Facebook, Instagram and many others do not have privacy, scammers and illicit actors still make use of the same social media to scam people. From just 2021 to 2022 first quarter, people have been scammed over $1 billion on social media. Federal Trade Commission (FCT) found that Instagram (32%), Facebook (26%), Whatsapp (9%), and Telegram (7%) were the top platforms used for crypto scams. Twitter, the social media platform widely adopted by the crypto-community, was not mentioned despite being littered with spam and scam bots touting fake crypto-giveaways.

The funniest to me is that scam is not new on social media, but it is becoming commoner and the scam on social media regard crypto is increasing, definitely all other scam are increasing on social media. When social media is not a place of privacy, why not require for ID documents for better KYC procedure than focusing most only on exchanges

Topic: Crypto scam increasing on social media - page 4. (Read 534 times)