Crypto scam increasing on social media

[Oluwa-btc]

The hunt for quick cash and wanting to get Cryptocurrencies have lead a lot to damnation.. I have seen a current complains about Coinbase ( On Twitter ) and scammers would eventually come in to people who have already been scammed claiming to be what they aren't, fat lie's!!  Facebook is another zone for them as they engage in. I think it's totally not a good idea too go through social media for Cryptocurrencies investment. It's never been a wise move. Romancing and Investment are some of the ways scammers use, people should stop getting involve in distance relationships if the person is not well known,fake loves everywhere.

[Gosgosking]

I don't think government can regulate social media to reduce crime , this is because they have no concern about the activities that is going on social media. The reason why government are desperate in regulating cryptocurrency is because they see cryptocurrency as a threat.

[Iadegbola34]

Many of us have been victims of scams before. I think having high hopes and believing glorified get-rich quick ideas have been the easiest way to get scam on social media. If you're looking to profit from where you didn't invest, you will most definitely get scammed.

Federal Trade Commission (FCT) found that Instagram (32%), Facebook (26%), Whatsapp (9%), and Telegram (7%) were the top platforms used for crypto scams.

I'm surprised by the percentage telegram has really, IMO it should be more than that, given the number of spam groups and fake groups that exist on that platform. Just asking a question on a popular crypto group will get your DM flooded with messages impersonating either the admin or the dev.

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

I don't think government can really do much to regulate social media without actually tampering with the fundamental human right of speech.

[examplens]

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

why am I not surprised by the increase in the number of frauds that only follows the trend of the increasing popularity of cryptocurrencies. although I'm not sure how accurate the data is, it is obvious that there is a correlation between the popularity of the social network and the number of scams on them. Instagram obviously dominate.
this is just proof that cryptocurrencies have become interesting to "ordinary" people as well, unfortunately, they are the most common target of fraud, just because of their ignorance but with a desire to make some money.

[KingsDen]

Does government say that they care that people are being scammed?
Do they care if it was through bitcoin groups or through social media that the scam happens?
There has been scam and there will still be scam.
The government imposition of laws and KYC is to make us pay tax and ensure that we are not trying to be richer than them. Maybe they will monitor and know when to print more fiat.
They won't sanction means through which they control us, they influence and sensor information that would be shown us through these social medias.
Don't be perplexed, if it's not decentralized, it's the government.

[Vaculin]

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

Now that social media has become the best outlet for the people, scammers will also make use of it so they can always drive with the trend. That way, they can always disguise themselves and continue to deceive people that are on their target list. I guess the government can no longer control it anymore, so the responsibility to avoid such scamming incidents will only depend much on the people that are active in the social media. If they can be knowledgeable and learn to identify  who's legit or not, then they can possibly avoid such scamming incidents in the social media.

[Queentoshi]

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.

Social media has always been a place where scammers source for their next unsuspecting victim. We were familiar with the dating scams on social media, but crypto scam is new definitely because it is still considered not to be completed exploited and plenty people have limited knowledge about it. NFT scams on social media will soon be more rampant as well. Every new innovation presents a new opportunity to scammers. Can we say crypto scammers on social media are increasing because of the difficult economic situations or because more individuals are becoming lazy and seeking to get rich quick without minding how?

[pooya87]

Technically scammers use people's stupidity and greed to scam them, social media platforms are just mediums to maximize the number of people they can reach to scam. If government started getting more involved and brought the ban hammer, it would only slightly decrease the number of people who get scammed but it can never eliminate them. The only true way of eliminating scams is to inform people to stop buying altcoins specifically tokens.

[Lucius]

Technically scammers use people's stupidity and greed to scam them, social media platforms are just mediums to maximize the number of people they can reach to scam. If government started getting more involved and brought the ban hammer, it would only slightly decrease the number of people who get scammed but it can never eliminate them.

If crypto scammers really started to be punished much more drastically than is the case now, I have no doubt that many would think twice before dealing with such things. If we agreed that most scammers are mostly amateurs that would be easy to catch, the decisive action of the authorities, crypto exchanges and social network owners could surely eliminate more than 50% of such scammers. It is quite another thing that none of those who can do something want to get their hands dirty for various reasons.

It suits the authorities that such things happen as much as possible because then they can say "Bitcoin is bad, cryptocurrencies are scam", crypto exchanges are only interested in making as much profit as possible, despite the fact that they know that some projects are doomed even before they are started, and social networks, in addition to profit, talk about some kind of freedom of expression and that they are powerless to suppress it from happening - so let's say that what they have in common is one of the principles of the forum - "scam is not moderated"

The only true way of eliminating scams is to inform people to stop buying altcoins specifically tokens.

This seems like an impossible mission at the moment, because no matter how much you warn people on this forum, they are not only buying altcoins, but promoting them en masse.

[traderethereum]

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

Scam can happen anywhere and not only through social media because fraudsters are always looking for new targets everywhere.
If we are not careful with the advertisements we read, we can be deceived and send our money to scammers.
It will also relate to how we can look for more information that can show us whether the advertisements we read are true or false.
The rise of crypto advertising on social media should make us more careful.
Don't immediately follow someone's invitation or advertisements because they will tempt us to offer something that looks attractive.

[_act_]

That is why it is good to be wise enough. There are messages like that that do come strange people on Facebook, I usually ignore them and one day a girl chart me up on Facebook messenger, telling me he is a student from a particular university from my country. I know already she is not from my country but pretending to be from my country, she is able to answer my questions very well that I thought she would not be able to answer, but I knew it was a scam. Two days after, she demanded for money. I quite wasted her time, I knew she only wanted to scam, sending me fake nude pictures and videos. The scammers can even be a man, but doing all things possible to convince their victims in a way they can believe them and then demand for money.

[Fivestar4everMVP]

I saw this news earlier today and I was really shocked, unfortunately, our government don't really know what to do to tackle this menace, they continue to go after what is not really the problem, and that is crypto regulations.
They should first of all put an end to all this scams, or at least, bring it down to the barest minimum, and how can they achieve this?
Like the op said, they should introduce a compulsory kyc verification upon all social media platforms, and those who run this platforms should mandate their users to pass through kyc verification, this will not only put an end to alt accounts, it will also install the fear of being caught in users when they think of scamming another user.

Government should rise up and tackle this menace from the root, and the root is social media, they should introduce or bring regulations to social medias as soon as possible because it is the root of all scams that happen in crypto.

[Finestream]

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

Social media has been the favorite hang out place for all scammers these days because its where they can find their next target to scam. And if you are not careful enough exposing even your own possessions in facebook and let the whole world see it, i guess you are the one putting yourself in future troubles. This is the reason why we can't expect for social media scammers to stop from doing it because its not really them that control the situation, its the victims themselves who give them hints and reasons to scam them because they may simply fall into the scammer's traps.

[isaac_clarke22]

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

It's true and even non-crypto related scams are still there such as those referral scams that would just waste your time endless while they claim that you could earn $20 instantly (even though that is just a small amount).
About the KYC, consider what happened back in "Facebook–Cambridge Analytica data scandal". Maybe no.

[PrivacyG]

If crypto scammers really started to be punished much more drastically than is the case now, I have no doubt that many would think twice before dealing with such things. If we agreed that most scammers are mostly amateurs that would be easy to catch, the decisive action of the authorities, crypto exchanges and social network owners could surely eliminate more than 50% of such scammers. It is quite another thing that none of those who can do something want to get their hands dirty for various reasons.

It suits the authorities that such things happen as much as possible because then they can say "Bitcoin is bad, cryptocurrencies are scam",

I could not agree more with your argument.  Authorities love these scams because they lower down Bitcoin's reputation.  If they wanted to do something against these scams, they would immediately act against them.  Why do we never see such scams about Google?  About Microsoft?  About any other corporation?  Why is it that Cryptocurrency 'send us money we send back double' scams have been going on and on for YEARS already and nobody seems to do anything about it?  They seem to have such intelligent filters and algorithms but they can not sort out Cryptocurrency scams.  Sure.

-
Regards,
PrivacyG

[suzanne5223]

I could not agree more with your argument.  Authorities love these scams because they lower down Bitcoin's reputation.  If they wanted to do something against these scams, they would immediately act against them.  Why do we never see such scams about Google?  About Microsoft?  About any other corporation?  Why is it that Cryptocurrency 'send us money we send back double' scams have been going on and on for YEARS already and nobody seems to do anything about it?  They seem to have such intelligent filters and algorithms but they can not sort out Cryptocurrency scams.  Sure.

-
Regards,
PrivacyG

I believe you may be right about the authority enjoying the scammer activities on social media but I want you to know that the scammer activities in crypto didn't lower the reputation of Bitcoin because Bitcoin is not to be blamed for the naive decision made by the scammer victims.
Having said that, the authority is known for being selfish somehow and they will only take action against the crypto social media scammer after someone within their family or team is a victim.

[Sanitough]

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

This is the reality nowadays. Scamming has become more rampant in the social media because the people also allow it too. Even if there are still some red flags, people still chose to be convinced or lets' say being lured by the great scammers maybe because some are less educated about it or they just think that it's impossible for them to get scammed. Yet in the end, they only believe that they have been scammed once they lose their money and have no traces where to get it back.

[Rengga Jati]

Yeah, that is, unfortunately, this is the fact. Because we know that social media may be the easiest way to reach people from any space. because there are various people in social media, and they're also many greedy people who want instant money without willing to make certain analyses even if they know nothing about the project or crypto world. It may be started from one to another, from share to shares in the social media, they are then gathered in certain communities with mostly fake members who give fake proof about the profits to gain. Unfortunately, many people especially newbies trust them and then being victims of scams. Moreover, if the scam project is promoted by a certain influencer, it is very meant.

[Mr.right85]

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

The headlin though! Sometimes I wonder what is there to blame on an on an app or a medium for being just that or working in that capacity. It's more like, blaming the bitcoin or cryptocurrencies for the fraud that is done using these medium.

Ignorance and greed remains why most users fall for the various schemes on the web with the social medias serving as just some link mechanism. I think some people are just immatured enough to use the social media and are just eager to be first adopters with hopes of gaining enough without even going through any stress. It's some idea that should be perished as, it could lead to some regretful ends.

[Natalim]

...

The headlin though! Sometimes I wonder what is there to blame on an on an app or a medium for being just that or working in that capacity. It's more like, blaming the bitcoin or cryptocurrencies for the fraud that is done using these medium.

Ignorance and greed remains why most users fall for the various schemes on the web with the social medias serving as just some link mechanism. I think some people are just immatured enough to use the social media and are just eager to be first adopters with hopes of gaining enough without even going through any stress. It's some idea that should be perished as, it could lead to some regretful ends.

It is certainly not the apps that have to be totally blamed, it was us who are too ignorant and don't understand how the scam works. However, with the existence of these social media, it happens that scams have been growing fast. In some other ways, they are also the reason for this and their participation and no action has been taken to regulate/stop any form of scam on their platform. 

But yes, it was our end to think if this is a scam or not, it was our decision.