This article was first published on Insights – Ripple
At Ripple, our company’s foundation is built on trust and transparency. We embrace these values in every decision we make, whether that is sharing the quarterly XRP Markets Reports or calling for industry-wide regulatory clarity. To further build on these principles, we see a dire need—now, more than ever—to protect consumers around the world from dangerous online giveaway scams and false impersonations across YouTube, Twitter, Facebook and more.
Today, we are taking legal action against YouTube to prompt an industry wide-behavior change and set the expectation of accountability.
This lawsuit calls on the video platform to do a number of things. First, to be more aggressive and proactive in identifying these scams, before they’re posted. Second, faster removal of these scams once they are identified and lastly, to not profit from these scams.
“Giveaway scam” is an industry term that relates to attempts to defraud money from unassuming consumers via social media impersonation, by convincing people that if they send money, they will receive more funds in return—typically through airdrop. These scams accurately impersonate individuals and companies, and are often spread through fake social media profiles.
In these times, it’s terrible enough that people are worried about losing their lives and livelihoods. Adding to this are the scams that seem to be everywhere. To bring awareness to this issue, we published a how-to guide for spotting and protecting yourself from online digital asset giveaway scams.
Now, though, there is an increasing threat with an influx of COVID-19 online scams. The Federal Trade Commission (FTC) released COVID-19 scam reports, by the numbers. This alarming publication shares that, as of January 1, consumers reported financial losses of over $13M to COVID-19 related fraud. Enough is enough.
Misinformation affects everyone and we can’t be complacent about it anymore. In ...
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