Crypto Scammers have popped up in Facebook ads by faking themselves as the world’s tech tycoons and giant business executives such as Metaverse’ Mark Zuckerburg, Tesla’s Elon Musk, and Amazone’s Jeff Bezos, to make people put down their money in crypto scams.
Today, social media platforms have become the favorite place to target victims in crypto scams. In light of a Federal Trade Commission (FTC) report, crypto scams on social networks skyrocketed 12% in 2021 compared to its previous year’s figure.
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It proves not only has the crypto-space enlarged its boundary, but fraudsters have also ramped up their efforts. This time, they are deceiving people via Facebook ads by pretending to be influential executives like Elon Musk, Jeff Bezos, and Zuckerberg.
To be more specific, FTC’s latest consumer protection report reveals that crypto scams have mainly increased on Facebook and Instagram.
Furthermore, it noted that investments schemes have been the most used tragedy and stole a hefty amount of funds in online scams. On the other hand, online shopping scams have still surpassed social networks’ crimes.
The report specifies that crypto crime rose more than 12% in 2021 than its previous year, 2020. Similarly, the money losses have increased by 1,000%.
Crypto-related scams have also become the most significant investment fraud in this age, widely being promoted…
