Combatting Crypto Scam Ads: Challenges and Solutions for Social Media Platforms

Facebook and other social media platforms have been plagued by crypto scam ads for years, with little progress in stopping them. These fraudulent ads lure unsuspecting victims with promises of wealth and are often found on trusted platforms like Facebook and X. Tech giants like Facebook and X are struggling to protect their users from these fraudsters. The ads often mimic official news sites and use false quotes from celebrities to appear credible. Although these ads are taken down when reported, new ones quickly replace them. High-profile individuals, like Martin Lewis and Andrew Forrest, have taken legal action against the platforms for allowing their names and images to be used in scam ads. Despite settlements and lawsuits, the problem persists, with users around the world bombarded by dangerous pages. Scammers are able to bypass Facebook’s detection systems by redirecting users from seemingly legitimate sources. The problem is also prevalent on X, with hackers taking over accounts of users with millions of followers to promote scams. Regulators may need to impose stricter fines on social networks that fail to protect users. Artificial intelligence tools can also help track and report these ads. However, the issue is expected to worsen before it improves, posing a challenge to the crypto industry’s reputation.