Facebook’s Libra Cryptocurrency Could be a New Opportunity for Scammers to Trick You (CNBC)


Facebook’s long-awaited cryptocurrency launch promises to directly impact how people send money around the world, and may allow them to do it more securely using a distributed ledger, replacing wire-based transactions that have been increasingly subject to fraud. Security will be a critical component of how new users, many of them unfamiliar with cryptocurrency, shape their view of the product. And while the Facebook-backed consortium has pledged to refund money lost due to a criminal breaking into a wallet, it’s unclear how the Libra consortium will handle other types of common fraud.