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Facebook Fraudsters Scam Victims Out Of Their Fiat

Cryptocurrency scams are now targeting the latest social media network, Facebook. Unlike Twitter scams, Facebook scams head in the direction of fiat.

It so appeared that Twitter is quite saturated with crypto scams. And so the fraudsters are now turning towards other platforms like Facebook. Facebook is now getting its turn into the scamming spotlight. Previously, the networking giant had banned crypto-related ads and now only allows vetted advertisers to use its platform.

Usually the fraudsters try to add some legitimacy to their case by endorsing it with famous names. This time Sir Richard Branson was the target. Richard did not really say

When the name Singapore’s coin is released many people will become millionaires practically overnight.

Looking forward to invest in the once in a lifetime opportunity, all victims should be redirected to the Cashless Pay website. In this website, only the link to the registration page works. At this point of time the victims part from their personal data and then sent to fake crypto exchanges. These two exchanges are identified as the Bulgaria based Roiteks and CoinPro Exchange.  

Scammers focus more on Cash rather than on Crypto

The purpose is to allow the victims fill in their credit card details in order to invest. These credit card transactions are programmed to decline. Thus the victims are left with the only option of doing a direct deposit. Thus resulting in the fraudsters getting double the investment amount every victim. Or else the scammers look for payment in fat rather than in crypto.  

Facebook confirms to care of the scams. Product Management Director, Rob Leathern, said :

Deceptive, predatory ads have no place on Facebook. We have removed these ads and disabled both the account and page they ran from for violating our policies.

It is still unclear that whether the fraudsters are able to get any victims apart with their information or not. If they did how much is the amount they received.

Have you come across any such fraudsters? Let us know about it. Share it on our Twitter and Facebook pages.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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