Sunday, October 2, 2022

Facebook Group: Australian regulator sues Meta for false cryptocurrency ads

Facebook Group: Australian regulator sues Meta for false cryptocurrency ads
meta

The Facebook group has a problem with the Australian authorities.

(Photo: Associated Press)

Palo Alto The Australian Competition Authority (ACCC) has started proceedings against Facebook owner Meta. As the authority announced on Friday, the social media company in Australia is said to have made false or misleading advertisements for cryptocurrencies.

Facebook has published ads featuring prominent Australian figures promoting investments in cryptocurrencies, which the regulator says are fraudulent. “The allegation is that Meta was aware that ads for celebrity-backed cryptocurrency scams were being displayed on Facebook, but did not take adequate steps to address the issue,” the ACCC said.

According to the regulator, Facebook users were redirected to a fake media article that contained quotes from public figures and urged readers to subscribe. The users were then forced by scammers to deposit money into the fake system.

“We argue that Meta’s technology makes it possible to target ads to users who were most likely to engage,” said ACCC President Rod Sims. The authority now seeks to use the trial to obtain a ceasefire and order and punishment, among other things. Meta did not immediately respond to a request for comment.

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