The Australian Competition and Consumer Commission (ACCC) has sued Meta for its cryptocurrency scam ads.
ACCC, March 18 According to the announcement published on Crypto scam ads featuring prominent Australian people social media platform Facebookfor allegedly engaging in “false, misleading or deceptive” behavior by posting on Meta Platforms and Meta Platforms IrelandHe sued.
in the announcement to cryptocurrencies or money making plans ads that encourage investment, Facebook users of advertised plans businessman Dick Smith, TV presenter David and former NSW Prime Minister Mike Baird in advertisements such as trying to convince him that he is related to well-known people claimant ACCC, that your plans are actually scams and that the people in the ads have never endorsed them told.
According to the announcement, the ads contained links directing Facebook users to a fake media article featured in the ad that featured quotes from publicly known people who supported a cryptocurrency or monetization scheme. Users were then invited to sign up for these plans. Then, using high-pressure tactics to entice them to deposit money into fraudulent schemes, scammers contacted registered users.
of meta that he is responsible for these advertisements published on the platform. and the company make a financial profit by not removing ads Chairman of the ACCC Rod Sims;
Using Facebook algorithms to get the users most likely to click on a link in an ad visit the ad’s web page is an important part of Meta’s job. These visits to websites in advertisements provide a significant income for Facebook.
made statements.
The complaint accuses Meta of not making an attempt to remove these ads despite the feedback, and that the company’s behavior Australian Consumer Law (ACL) or Australian Securities and Investments Commission Act (ASIC Act) claiming to violate ACCCfrom federal court unspecified statements, injunctions, penalties, costs and other orders wants its implementation.