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-facebook-of-hosting-fraudulent-crypto-ads/" data-wpel-link="internal">Australian Regulator Accuses Facebook of Hosting Fraudulent Crypto Ads</a><br></p>
<p style="text-align: justify">Australia’s competition authority claimed that 58% of <a href="https://en.coin-turk.com/singapore-monetary-authority-claims-cryptocurrencies-underperform-as-digital-currency/" data-wpel-link="internal">crypto</a> ads on <strong>Facebook</strong> are scams or violate Meta’s ad policies, causing a significant stir. This serious accusation emerged from preliminary investigations by the Australian 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 crypto scam ads using celebrities’ names. Although no trial date has been set, the Commission recently claimed that 58% of the reviewed ads violated Meta’s Ad Policies or were fraudulent.</p> 
<p style="text-align: justify">These ads are known to exploit the reputations of famous Australians to promote crypto <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investment</a> scams. 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-scale-of-fraud">The Serious Scale of Fraud</h2> 
<p style="text-align: justify">While exact losses from these scams are not provided, Australia’s Scamwatch site shows investment scams are the most effective method for Australians to lose money. As of 2024, 3,456 complaints about investment scams have been recorded, 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 crypto scam ads. Although initially dismissed, a US judge allowed the case to proceed 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 crypto ads on the Facebook Platform used misleading or deceptive promotional practices.” Despite advertisers’ obligation to comply with Meta’s Ad Policies, such ads continued, and Meta might have <a href="https://newslinker.co/category/technology/" target="_blank" rel="noopener" data-wpel-link="exclude">technology</a> to flag 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 that it invests in “products and support systems” to keep scammers off the platform and removes 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 scams or policy violations.</li> 
 <li>Meta faces a lawsuit for allegedly aiding crypto scams using celebrities’ names.</li> 
 <li>Investment scams have caused Australians to lose over $78 million as of 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-facebook-of-hosting-fraudulent-crypto-ads/" data-wpel-link="internal">Australian Regulator Accuses Facebook of Hosting Fraudulent Crypto Ads</a></h5>
<p>The post <a href="https://en.coin-turk.com/australian-regulator-accuses-facebook-of-hosting-fraudulent-crypto-ads/" data-wpel-link="internal">Australian Regulator Accuses Facebook of Hosting Fraudulent Crypto Ads</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Australian Regulator Accuses Facebook of Hosting Fraudulent Crypto Ads

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