Deceptive Social Media Marketing Tactics Utilizing Compromised Facebook accounts to Promote Fraudulent Bitcoin investment crimes: Evidence from Sri Lankan Facebook users.

Abstract

This research investigates the exploitation of compromised Facebook accounts in fraudulent Bitcoin investment promotions, focusing on the intersection of deceptive marketing practices and cybercrime. It aims to understand these tactics, and their impact on victims, and propose preventive measures against such deceptive marketing. The study uses a qualitative approach, gathering data through in-depth interviews and multiple case studies of individuals whose Facebook accounts were compromised and exploited to promote fraudulent Bitcoin investments. Thematic analysis was conducted to identify recurring patterns and features of these scams. The research reveals that cybercriminals are increasingly taking advantage of social media platforms, particularly Facebook, to promote Bitcoin investment scams. These scams are aided by the inherent features of cryptocurrency transactions, such as their irreversible and often untraceable nature. Hackers gain unauthorized access to Facebook accounts through phishing attacks, weak passwords, or social engineering. They post deceptive investment opportunities, assuming the identity of the legitimate account owner, to gain trust. Trusted individuals fall victim to nonexistent Bitcoin opportunities, resulting in financial losses. The emotional and psychological impact can be awful, characterized by feelings of betrayal and distress. Victims face challenges in recovering compromised accounts and restoring their online reputation. The study examines the rise in scams in cryptocurrency investing, focusing on compromised Facebook accounts used to promote fraudulent Bitcoin investments. It seeks to offer insightful information on the criminal landscape around social media and cryptocurrencies and encourages people and organizations to strengthen cybersecurity protocols, increase awareness, and create practical strategies.