On Monday, Twitter mentioned that it is planning on the expansion of its policies to refrain the occurrence of any variant of financial scams over its platform. This is something one would think must have already been addressed in the platform. However, up until today, there was no direct address made for this issue as seen in the policy documentation on Twitter. Instead, all the financial scams seen on Twitter to date have actually been handled by the spam reporting feature on Twitter.
This feature was later expanded in 2018 to exactly identify the spam variant present in a tweet. Among these choices were the options that indicated whether a tweet contained any malicious link, came from any fake account, or had been using the hashtags/reply function in order to post the spam along with several other things. It also failed to address the variants of the financial spam that tends to appear over the Twitter platform.
This latest policy exactly spells out what this social networking platform considers as a financial malefactor or scam. Specifically, it mentions that using these scam tactics for obtaining money or the private financial info is completely forbidden under the latest policy. When it comes to this purpose, the users cannot create accounts, send DMs, or tweets directly.
It further details the type of scams the platform wants to filter out. This includes scams such as money-flipping schemes, trust/relationship building scams, Phishing scams, as well as fraudulent discounts. All this has been detailed in the help documentation provided over the Twitter platform.
This latest policy arrived precisely when Twitter was being criticized for giving access to the crypto scams that proliferated with the use of its services. Most of these involve the concept of impersonation, use of reply function for spamming, as well as general promises that cost its victims a lot of money. This year, Twitter also allowed the PayPal Phishing incident to operate as a promotional tweet over its platform which automatically pointed out to the need for better oversight with regards to social media scams.
Even with the new policy in place, the users have been instructed to continue reporting the malicious and spam tweets. Further, Twitter clarified that it wouldn’t intervene with other financial issues that fall away from this policy line such as the claims related to sales of goods over Twitter, complaints of poor-quality items, or the purchase of items over Twitter.