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August 1, 2019

Remain Vigilant Against Facebook Libra Cryptocurrency Scams

If you had an online social presence back in 2014, you most likely remember the dramatic rise of Bitcoin. Now, in 2019, there is a new cryptocurrency on the horizon – Facebook’s Libra. The social network’s approach to cryptocurrency has yet to be released to the public, but it has already gained quite the online reputation.

Libra is set to be Facebook’s first-ever on-platform cryptocurrency. The digital currency will act as a pseudo form of money while on the social network. Users will be able to buy things and transfer money to other users with little to no fees. The currency is set to work in hand with Facebook’s own Calibra wallet.

Facebook Libra

Calibra Digital Wallet

Set to release in 2020, Calibra will serve as a digital wallet for Libra’s digital currency. Using block chain technology and encryption, the wallet will store and protect your currency between transactions. After online transactions, users can “cash-out” their Libra online or at local exchange locations.

Just as soon as Facebook announcement their newest digital endeavor, online scammers were equipped to use the cryptocurrency hype to their own advantage.

Recently, there has been a surge of online scammers using Facebook’s development for their own financial gain. To set the stage for Libra, Facebook implemented a ban on digital currency advertisements on the platform, but this did not seem to stop the crypto scams.

Beware of Scammers

The scammers are reportedly using fake web pages and social media accounts to scam users into giving them money. As of June 18th, there have been an estimated 350 domains sold that are in some way related to Libra.

These scams are backed by user impatience and excitement. After seeing the seemingly overnight boom of Bitcoin’s worth, investors are looking for any way to get in early on the Libra action.

By using similar domain names and designing legitimate-looking web pages, the criminals are able to trick unknowing users into visiting their illegitimate pages. From there, the pages encourage users to invest in Facebook Libra by offering discounted deals for the digital currency.

Similarly, these scammers are taking to social media platforms such as Facebook and Instagram to run advertisements for Libra. When clicked on by users, the seemingly official ads link to fraudulent third-party websites.

Pink Dog Digital urges all companies to remain informed and vigilant when it comes to Facebook Libra. Facebook has yet to announce an official release date for Libra, so it is advised to steer clear of any websites or social media postings about the digital currency.

If your do happen to come across a fraudulent posting, it is important to report the account to Facebook or Instagram. By taking a proactive approach to the problem, you may be helping dozens of other companies from falling into a financial trap.

If you would like more information about avoiding a social media crisis, need help managing a social media disaster, or other digital marketing services, contact Pink Dog Digital at (410) 696-3305, email us at info@pinkdogdigital.com, or visit us on the web at www.pinkdogdigital.com.

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Gina Ramsey

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