Meta Platforms gets into trouble with Australian authorities over scam crypto ads
Facebook is a prominent social media platform backed by Meta Platforms. In a recent turn of events, the parent company of Facebook has got into trouble with the Australian Competition and Consumer Commission or ACCC which sued the firm over a number of scam crypto ads that the firm allowed in its social media platforms.
ACCC sues Meta Platforms
Facebook has billions of users and when crypto scam ads are covered to such a wide user base, hell is bound to break loose. Crypto-based scams have been very prevalent due to a lack of education and insight into this new financial tool. As a result, the ACCC instituted Federal Court proceedings against Facebook owner Meta Platforms, Inc. and Meta Platforms Ireland Limited.The ACCC said in their official release that the firm was dealing in "false, misleading or deceptive conduct by publishing scam advertisements featuring prominent Australian public figures" which was a breach of the Australian Consumer Law (ACL) or the Australian Securities and Investments Commission Act (ASIC Act). The official press release also said that "Meta aided and abetted or was knowingly concerned in false or misleading conduct and representations by the advertisers."
ACCC Chair Rod Sims said in his statement:
The essence of our case is that Meta is responsible for the ads that it publishes on its platform. 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.
Does meta fail in preventing false ads?
In a detailed report, the ACCC pointed out that Meta Platforms failed in the implementation of strict advertorial policies that enabled scammers to promote investment in cryptocurrency or money-making schemes in order to mislead Facebook users. It is important to note that prominent individuals like businessman Dick Smith, TV presenter David Koch, and former NSW Premier Mike Baird were associated with these scams who never actually endorsed these schemes and products.The ACCC Chair also added:
Apart from resulting in untold losses to consumers, these ads also damage the reputation of the public figures falsely associated with the ads. Meta failed to take sufficient steps to stop fake ads featuring public figures, even after those public figures reported to Meta that their name and image were being featured in celebrity endorsement cryptocurrency scam ads.As per one of the incidents revealed by the ACCC chair, in one of the cases, using false advertisement on Facebook by Meta Platforms, the scammers were able to make away with $650,000 of the hard-earned money of a customer which Sims described as "disgraceful."
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