Does everyone understand how Facebook and similar social media work?

Facebook algorithms review what you view, post, read, or browse while on the site. From that information, along with location data and other demographic data, they develop a profile which they sell to marketers and advertisers. Those advertisers send us ads tailored to what the algorithms perceive as our interests. That’s why if you start looking at vacation cruises, you will see more ads promoting vacation cruises.

But what if you just got cheated out of bunch of money in a cryptocurrency scam? And you start to post on Facebook to warn others, or research to find other victims. Then, the algorithm will soon identify you as a scam victim.

What kind of targeted advertising do you think scam victims receive? They get targeted with ads from criminals running fake “asset recovery” groups, or phony “law firms” who claim 95% success rates in recovering stolen money.

Facebook marks such ads as “sponsored”, meaning the criminals pay a premium for the placement of these ads. The ads look impressive. They often include logos of federal law enforcement agencies or imply some close association with these agencies. They show photos of large groups of smartly dressed professionals, implying these “lawyers” are itching to get your money back. And they often describe themselves as “non-profit” or “no payment upfront”.

Look folks, these “recovery services” are big fat scams also. They prey on desperate people, looking for any chance to get back their stolen money. Are they really “no payment upfront”? Nope. From the complaints I have read, they will demand money right away to pay for such things as “blockchain activation” (it does not exist). Or they will produce phony websites showing your recovered assets in some cryptocurrency account, which will require a payment from you to “unlock”.

If you lose money in a scam, report it to law enforcement. Don’t compound the loss by engaging with this type of cheat.

Contact Seniors vs. Crime

Let me know about scams, fraud, or other crookedness you run across. Most of what I learn, I learn from you. Contact me at Seniors vs. Crime, Clinton County Sheriff’s Office, 563-242-9211, extension 4433, or email me at randymeier@gapa911.us.