- Meta Challenges ACCC’s Fraud Allegations
- Celebrities and Victims Take Action Against Meta
- Data on Platform Frauds
Meta is contesting the Australian Competition and Consumer Commission's (ACCC) claims that most cryptocurrency ads on Facebook are deceptive.
Meta Challenges ACCC’s Fraud Allegations
Meta has strongly opposed these claims. The company contends that the information the ACCC considered in its report is outdated and does not accurately depict the status of its platform. The ACCC's allegations arise from an investigation in which it asserts to have uncovered 600 fraudulent ads on Facebook dating back to at least January 2018. Meta maintains a policy to eradicate deceptive ads and prohibit associated accounts.
Celebrities and Victims Take Action Against Meta
Despite Meta's efforts to combat fraudulent ads, the company continues to face legal challenges. In June 2022, Australian mining tycoon Andrew Forrest sued Facebook, alleging it enables scam ads creation via its advertising system. In April, Danish TV show hosts Divya Das and Kim Bildsøe Lassen lodged a police report after discovering their images and words used in thousands of ads without their consent. Four scam victims in Japan also filed legal action after being duped by online investment ads featuring celebrity images.
Data on Platform Frauds
According to data from the government website Scamwatch, most scams occur through channels other than social media. However, investment scams promoted on social media accounted for about $13 million in reported losses, compared to $134 million in overall reported losses.
Meta continues to defend its actions in combating fraudulent content on its platform, employing manual reviews, automated technologies, participating in the Australian Online Scams Code (AOSC), and updating guidelines to ensure legitimate advertising content.
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