ACCC takes Facebook owner to court over fake cryptocurrency ads

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The consumer watchdog has launched a world-leading legal case against Facebook owner Meta for publishing scam cryptocurrency ads featuring well-known Australians. facebook meta ACCC

People featured in the fake ads, who had never approved nor endorsed them, included former NSW premier Mike Baird, businessman Dick Smith, TV presenter David Koch and mining magnate Andrew Forrest. The ACCC said they had all complained to Facebook about the ads, but the ads were not removed.

“If we are successful, it means that platforms, in this case Facebook, have to do a lot more to protect the users and put in much more active steps to do that.

The ACCC alleges this conduct is in breach of the Australian Consumer Law or the Australian Securities and Investments Commission Act. It also alleges that Meta aided and abetted or was knowingly concerned in false or misleading conduct and representations by the advertisers.“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.

“Meta should have been doing more to detect and then remove false or misleading ads on Facebook, to prevent consumers from falling victim to ruthless scammers,” Mr Sims said.

 

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Finally! I've been reporting those ads to Facebook for years. They can't claim they didn't know.

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Consumer watchdog takes Facebook to court over dodgy ads about crypto currency | 7NEWSAustralia's consumer watchdog is taking on Facebook and its parent company in a world-first. It's suing the social media giant over scam ads that have conned victims out of millions of dollars. ChristieCooper7 7NEWS
Source: 7NewsMelbourne - 🏆 18. / 59 Read more »