Fakebook under fire for scams

FACEBOOK is profiting from scammers who are using photos of TV presenters Karl Stefanovic and Waleed Aly to promote a Bitcoin trading scam which has been ripping off users around the world for more than a year.

The scam first surfaced in 2017 when crooks began capitalising on the sudden increase in Bitcoin prices by using fake testimonies.

After creating fake Facebook pages they pay the social media giant to promote posts in order to maximise views.

Facebook has been unable to stop the scammers with algorithms. Yesterday, the company promoted a fake news post and fake testimony from Stefanovic for Bitcoin Trader.

Facebook has copped criticism for failing to tackle the issue. Fake celebrity endorsement scams rose by 400 per cent in 2018 in Australia.