News

Meta, The Owner Of Facebook, Is Being Sued By An Australian Watchdog For Bogus Adverts

On Friday, Australia’s competition watchdog launched a case against Facebook owner Meta Platforms, alleging that the social media company failed to prevent scammers from promoting fraudulent ads starring celebrities on its platform.

Meta, The Owner Of Facebook, Is Being Sued By An Australian Watchdog For Bogus Adverts

The adverts, which encouraged cryptocurrency or money-making schemes, may have caused Facebook users to believe they were promoted by celebrities, according to the Australian Competition and Consumer Commission (ACCC).

According to the ACCC, Facebook “aided and abetted or was knowingly concerned in fraudulent or misleading behavior and representations by the advertisers” according to the lawsuit filed in Federal Court.

“The essence of our argument is that Meta is liable for the advertisements it posts on its platform,” stated ACCC Chair Rod Sims. “It is alleged that Meta was aware that… fraudulent ads were being posted on Facebook but did not take adequate actions to remedy the problem.”

Meta claimed that any adverts that defrauded consumers or misled users were against its principles

Meta, The Owner Of Facebook, Is Being Sued By An Australian Watchdog For Bogus Adverts

And that the firm used technology to detect and block such posts. It also said that it had “cooperated with the ACCC’s investigation into this subject to date.”

“We will evaluate the ACCC’s recent submission and expect to defend the proceedings,” a Meta representative said in an emailed statement, declining to say

According to the ACCC, the adverts featured photographs of many Australian corporate executives, TV hosts, and politicians, as well as links to phony media articles with statements ascribed to the individuals.

Scammers contacted users who had joined up to persuade them to deposit money into the phony schemes, according to the authority.

“We are aware of a consumer who lost over A$650,000 ($480,000) as a result of one of these schemes… “This is a disgrace,” Sims expressed his displeasure.

Last month, Australian iron ore mogul Andrew Forrest, head of Fortescue Metals Group, filed criminal charges against Facebook for scam advertising that used his image to promote cryptocurrency schemes.

Financial fraud accusations are normally handled by the business regulator, the Australian Securities and Investments Commission (ASIC). The ACCC said it was given interim powers to initiate the complaint since it is pursuing financial penalties.

Facebook established a program earlier this week to help train Australian political candidates and influencers on cyber security in order to prevent the spread of potential misinformation during the country’s forthcoming federal election campaign.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

1 hour ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

3 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

3 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

3 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

4 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

5 hours ago

This website uses cookies.