IT'S NOT EVEN OUT YET, but scams surrounding the Facebook-led Libra cryptocurrency have already started to pop up, somewhat ironically, on Facebook itself.
The Washington Post conducted an investigation into the situation and uncovered a load of accounts, groups, and pages on Facebook and selfie-sharing heaven Instagram, all of which falsely claim to be hubs for Libra.
Some of these pages tried to scam folks by offering to sell them Libra at a discounted price through third-party sites. The Washington Post flagged these to Facebook, which then removed a number of the dozen or so fake accounts and pages.
But it would look like amidst all the highfalutin plans to create an ecosystem around a cryptocurrency that Facebook plans to surrender control of once it launches, the social network hasn't really thought about the potential for scams to crop up using its logo and, er, good name to scam its users.
"Facebook removes ads and pages that violate our policies when we become aware of them, and we are constantly working to improve detection of scams on our platforms," was Facebook's response to The Washington Post's investigation. Not exactly a battle cry against scammers.
While cryptocurrency scams are a dime a dozen on various parts of the web, Facebook's seeming lack of foresight to get ahead of early Libra scams isn't great when it's trying to present Libra as something various regulators and government officials shouldn't be worried about.
We can imagine once Libra is officially out in the digital wilds, Facebook might turn its attention to various scammers or set up sub-trams or bodies to tackle such financial fakery. But we won't hold our breath. µ
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