.Meta has been sued by an Australian regulator that says Facebook allowed scam crypto advertisements to be published. GregAhl reports.
The Australian Competition and Consumer Commission has sued Meta Platforms and Meta Platforms Ireland alleging that they engaged in false, misleading or deceptive conduct by publishing scam advertisements featuring prominent Australian public figures, according to aThe ACCC alleges that the ads, which promoted investment in cryptocurrency or money-making schemes, were likely to mislead Facebook users into believing the advertised schemes were associated with well-known people featured in the...
The ads contained links that took Facebook users to a fake media article that included quotes attributed to the public figure featured in the ad endorsing a cryptocurrency or money-making scheme. Users were then invited to sign up and were subsequently contacted by scammers who used high pressure tactics, such as repeated phone calls, to convince users to deposit funds into the fake schemes.
“The essence of our case is that Meta is responsible for these ads that it publishes on its platform,” ACCC Chair Rod Sims said. “It is a key part of Meta’s business to enable advertisers to target users who are most likely to click on the link in an ad to visit the ad’s landing page, using Facebook algorithms. Those visits to landing pages from ads generate substantial revenue for Facebook.”
The ACCC complaint accuses Meta of failing to prevent"publication of fake ads even after the celebrities reported similar false, misleading or deceptive ads to Meta."DISCLOSURE The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
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