Dick

James

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/australian-regulator-accuses-meta-of-allowing-fraudulent-crypto-ads-on-facebook/" data-wpel-link="internal">Australian Regulator Accuses Meta of Allowing Fraudulent Crypto Ads on Facebook</a><br></p>
<p style="text-align: justify">Australia’s competition authority has claimed that 58% of <a href="https://en.coin-turk.com/bitcoin-price-remains-below-66000-as-altcoins-decline/" data-wpel-link="internal">cryptocurrency</a> ads on <strong>Facebook</strong> are fraudulent or violate Meta’s advertising policies, causing a significant stir. This serious accusation emerged from preliminary investigations by the country’s Competition and Consumer Commission (ACCC).</p> 
<h2 style="text-align: justify" id="meta-s-legal-battle-continues">Meta’s Legal Battle Continues</h2> 
<p style="text-align: justify">In 2022, the ACCC sued Meta, Facebook’s parent company, for allegedly aiding and hosting cryptocurrency scam ads using celebrities’ names. Although no trial date has been set, the Commission’s latest filing claims that 58% of the reviewed ads violated Meta’s Advertising Policies or were fraudulent.</p> 
<p style="text-align: justify">These ads are known to promote cryptocurrency <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investment</a> scams using the reputations of famous Australians. Victims include businessman Dick Smith, billionaire former casino executive James Packer, Hollywood stars Chris Hemsworth, Mel Gibson, Nicole Kidman, Russell Crowe, and former politician Mike Baird.</p> 
<h2 style="text-align: justify" id="the-serious-extent-of-fraud">The Serious Extent of Fraud</h2> 
<p style="text-align: justify">While exact losses from these scams are not provided, the Australian government’s Scamwatch site shows investment scams are the most effective method for Australians to lose money. By 2024, there have been 3,456 complaints related to investment scams, with losses exceeding $78 million.</p> 
<p style="text-align: justify">The ACCC identified 600 ads during the investigation but is currently focusing on only 234. Other celebrity scams may also emerge during this process. In December 2023, Australian billionaire miner Andrew Forrest sued <strong>Meta</strong> for using his image in deep fake-focused cryptocurrency scam ads. The case was initially dismissed but was allowed to proceed by a US judge in June.</p> 
<h2 style="text-align: justify" id="meta-s-responsibility">Meta’s Responsibility</h2> 
<p style="text-align: justify">The regulatory body claims that “since at least January 2018, Meta has been aware that a significant portion of cryptocurrency ads on the Facebook Platform used misleading or deceptive promotional practices.” Despite advertisers being required to comply with Meta’s Advertising Policies, such ads continued, and Meta is believed to have <a href="https://newslinker.co/category/technology/" target="_blank" rel="noopener" data-wpel-link="exclude">technology</a> to place warnings on suspicious ads.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-379986 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/facebook.jpeg" alt="" width="714" height="448"></p> 
<p style="text-align: justify">Meta states it has invested in “products and support systems” to keep fraudsters off the platform and has deleted fake accounts. In the last quarter of 2023, Facebook intervened with 691 million fake accounts, down from 827 million in the previous quarter and 2.2 billion fake profiles in 2019.</p> 
<ul class="Summary"> 
 <li>Australia’s ACCC claims 58% of Facebook crypto ads are fraudulent or violate policies.</li> 
 <li>Meta is sued for aiding cryptocurrency scam ads using celebrities’ names.</li> 
 <li>Investment scams caused over $78 million in losses by 2024.</li> 
</ul> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/australian-regulator-accuses-meta-of-allowing-fraudulent-crypto-ads-on-facebook/" data-wpel-link="internal">Australian Regulator Accuses Meta of Allowing Fraudulent Crypto Ads on Facebook</a></h5>
<p>The post <a href="https://en.coin-turk.com/australian-regulator-accuses-meta-of-allowing-fraudulent-crypto-ads-on-facebook/" data-wpel-link="internal">Australian Regulator Accuses Meta of Allowing Fraudulent Crypto Ads on Facebook</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Australian Regulator Accuses Meta of Allowing Fraudulent Crypto Ads on Facebook

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