cryptocurrency scams claiming to include tips from money saving expert martin lewis have been spreading on facebook.
Numerous ads have been uploaded to the facebook ad library claiming that if people invest a small amount of money, between £190 and £250, they can generate £3400 per month.
Reading: Bitcoin code martin lewis
The links used in the six adverts uploaded to Facebook’s ad platform take viewers to a poorly-designed website attempting to mimic the BBC’s website.
“special report: martin lewis latest investment has pundits in awe and big banks terrified,” reads the headline of the bogus article. encourages people to invest in a cryptocurrency auto trading program called bitcoin code with claims that it will generate large amounts of money in a short space of time.
He also claims that “the big banks are trying to cover this up” while using rising inflation and the cost of living crisis to encourage people to invest.
The websites running the adverts, which have only appeared on Facebook and not on other Meta platforms, mimic the Amazon-owned book website Goodreads. Apart from the URL and a slight change in font, the fraudulent websites look identical to the original.
The first ad appeared on the platform on May 4, and the last one was uploaded on May 6.
“ads must not contain misleading, false or misleading claims, such as those related to the effectiveness or characteristics of a product or service”, establishes the policy of facebook. this includes “exaggerated claims, tips, or tricks” and “false or misleading claims about product attributes, quality, or functionality.”
“The ads in question were removed by our automated ad review systems before the independent brought them to our attention,” a meta spokesperson said, but while he stated that reviewing your ad can sometimes take longer than 24 hours to complete, meta provided no evidence to support this claim despite multiple requests from the independent, and did not say how long the ads had been running.
this is not the first time that facebook has had to content itself with the use of the image of mr. lewis for scams. In 2018, Mr Lewis launched a high court legal battle against Facebook over claims that more than 1,000 fraudulent advertisements on its platforms have caused vulnerable people to hand over thousands of pounds to criminals.
facebook and mr. lewis finally struck a deal after the social media giant launched a dedicated tool for reporting fraudulent ads and donated £3m to a new citizen advice project to stop them from spreading further.
“It shouldn’t have taken the threat of legal action to get here. However, once we started talking, Facebook quickly realized the scale of the problem, its impact on real people, and agreed to commit to making a difference both on their own platform and across the industry,” said Mr. Lewis at that time. It’s not clear why Facebook didn’t catch these ads before they were live on their platform.
Facebook’s ad platform has been criticized for lax rules in the past. An investigation by The Independent last year found that companies can use false testimonials attributed to Twitter accounts that don’t exist to advertise on Facebook and Instagram, despite Facebook’s advertising policies prohibiting “misleading, false or misleading claims.” .
facebook told the independent that the ads did not violate its policies because they do not advertise misleading claims about the benefits of a product, service or feature.
when the independent asked how testimonials from apparently fake twitter accounts could be interpreted as anything more than a misleading claim about the benefits of a product, and that companies could theoretically circumvent facebook’s policies in this way, facebook refused. to comment.
In addition to Facebook, Microsoft’s advertising platform has also been used to share scams. a fake ‘amazon’ website tried to scam people out of money under the impression that they are investing in tesla and was accidentally promoted on the microsoft news website.
“We have numerous control measures in place to identify ads that do not comply with our policies and terms of services, including ingesting and blocking fca’s unauthorized domain lists,” Microsoft said in a statement to the independent at that time. moment.