Facebook’s parent company Meta is facing a lawsuit in Australia claiming it failed to prevent the display of ads promoting cryptocurrency scams. The Australian Competition and Consumer Commission (ACCC) alleges that the company violated laws prohibiting false, misleading or deceptive advertising and investment laws.
According to the report, there are multiple advertisements showing celebrities, politicians and television presenters and promoting various scam monetization schemes. None of these individuals consented to this use of their image and also filed an identity theft lawsuit.
People who fall for scams and open an account with these scam services are said to be under “high pressure tactics”, including being forced to deposit money, including repeated phone calls, and then losing their money.
ACCC claims one person lost almost half a million dollars
In the lawsuit, “Meta technology allows these ads to target users most likely to engage. Meta’s users can detect spam.” “We argue that the promises he made to prevent, prevent, and improve security on Facebook were not kept,” it said.
Rod Sims, chairman of SiACCC, said, “The basis of our case is that Meta is responsible for these ads it runs on its platform. To get the users most likely to click on the link in an ad by the advertisers, using Facebook algorithms to visit the ad’s landing page, Meta’ “These visits from ads to landing pages generate significant revenue for Facebook. Meta should have done more to detect and remove false or misleading ads on Facebook to prevent consumers from falling victim to brutal scammers.”
In response to the lawsuit, Meta told The Register that it flatly rejects the idea of deliberately allowing these ads on the platform. It also states that it is ready to work with the ACCC.
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