'No company should be generating advertising revenue from criminals - social platforms really need to step up and crack down.'
The articles appear like news articles from genuine media outlets, but are false advertisements which fraudsters are paying for online. The advertisements feature fabricated news stories with claims about specific cryptocurrency trading platforms or designed to entice readers to websites where they can then be defrauded. The false articles/advertisements generally feature a well known personality or celebrity, combined with a controversial headline to grab attention.
'Unfortunately, supervision of this is very inconsistent, at times it's like a game of whack-a-mole trying to report the different scams to the social media companies and get them taken down. It's unacceptable to see fraudsters operating so openly on social media. No company should be generating advertising revenue from criminals - social platforms really need to step up and crack down.
'Our advice to consumers is don't click on these adverts, ignore them completely, and if an investment sounds too good to be true, it's probably fraud.'
Examples of recent scam articles featuring
False News Article
False News Article
For more advice and information on fraud, visit boi.com/security or www.fraudsmart.ie
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