Libra Scammers

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Libra Scammers

The fake Libra content that’s spreading on social media sites like Facebook, Instagram, and YouTube is spreading fast. As just one example, a YouTube video called “How to Buy Facebook Libra Coin” encourages viewers to click on a bit.ly link in the description of the video. That link takes users to a website called Libra Reserve that’s designed to look like an official Libra site. If you visit this website (which we don’t recommend), do not type in any of your information. The website looks pretty official, complete with the wavy Libra logo, but it’s a scam. (The official Libra website is Libra.org.). A pop-up on the site claims people from various countries have “purchased” different amounts of Libra, which, again, is impossible since Libra has not yet launched.

The scam website also promises “early access” to Libra, which hasn’t been released yet and might not even see the light of day if some U.S. legislators have any say in the matter. The controversial project is being debated around the world as people question the ethics of major multinational companies effectively releasing their own currency.

Facebook spearheaded the Libra project along with 27 other companies, to form something called the Libra Association, which will be headquartered in Switzerland. The companies, comprised of everything from big credit card firms to venture capital shops, say that they’re just looking out for the little guy — the “unbanked.”

But the experts say that the digital currency is likely to empower large companies and undermine small countries. And while the Libra Association promises it will be a responsible world citizen, many people are sceptical that Facebook along with companies like Visa, Mastercard, PayPal, and Uber, have our best interests at heart.

Facebook has played fast and loose with user information for more than a decade and profits from the private information of its 2.38 billion users. They can’t even keep fake Libra scams off their platform and it hasn’t even launched yet. To be safe, it’s probably just a good idea to stay away from any websites that promise to give you early access to Libra until it launches sometime in 2020.

And even then, it might be a good idea to stay away for the foreseeable future.

If you believe you have been a victim of this type of scam you should promptly report it to the IC3's website at www.IC3.gov. The IC3's complaint database links complaints together to refer them to the appropriate law enforcement agency for case consideration.

Remember - always watch for scams!