The post Meta Faces Fraud Accusations – Latest cryptocurrency news appeared on BitcoinEthereumNews.com.

Australia’s competition watchdog has alleged that a significant 58% of cryptocurrency advertisements on Facebook are either fraudulent or breach Meta’s advertising policies, causing a considerable uproar. This grave claim stems from preliminary investigations conducted by the Australian Competition and Consumer Commission (ACCC). Meta’s Legal Challenges Back in 2022, the ACCC initiated legal action against Meta, Facebook’s parent company, accusing it of facilitating and hosting scam cryptocurrency advertisements leveraging the names of celebrities. While no trial date has yet been established, the Commission’s latest filing indicates that over half of the scrutinized ads were either in violation of Meta’s Advertising Policies or outright fraudulent. Access NEWSLINKER to get the latest technology news. These deceptive advertisements exploit the reputations of well-known Australians, including businessman Dick Smith, billionaire James Packer, and Hollywood actors Chris Hemsworth, Mel Gibson, Nicole Kidman, Russell Crowe, and former politician Mike Baird. The Magnitude of Fraud Although specific financial losses due to these scams haven’t been disclosed, the Australian government’s Scamwatch website reveals that investment scams are a leading cause of financial loss among Australians. By 2024, there were 3,456 complaints related to investment scams, with reported losses surpassing $78 million. During its investigation, the ACCC identified 600 ads but is currently concentrating on 234. Additional celebrity-related scams could surface as the process continues. In a related case, Australian billionaire Andrew Forrest sued Meta in December 2023 for using his image in deep fake cryptocurrency scam ads. Initially dismissed, the case was allowed to proceed by a US judge in June. Meta’s Accountability The ACCC asserts that since January 2018, Meta has been aware of the misleading or deceptive nature of a significant portion of cryptocurrency ads on Facebook. Despite this, these ads persisted, with Meta believed to have the technology to flag suspicious advertisements. Meta claims to have…

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Filed under: News - @ August 15, 2024 7:48 am