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Sunday, August 7, 2022

ACCC Accuses Meta Over Scam Crypto Ads

Ads of the endorsed or unapproved scams were highlighted by the ACCC which portrayed famous figures of Australia like David Koch, the host of the television, Dick Smith, the entrepreneur, and Mike Baird. The Australian Competition and Consumer Commission (ACCC) is suing Facebook which belongs to Meta Platforms and is taking them to the Federal Court.

ACCC Regulator Blamed Meta Platforms For These Frauds

ACCC alleged the firm that its branch in Ireland has used misleading, deceptive conduct, or false information and has also published scam crypto ads using celebrity names. Following this incident, numerous victims have lost a huge amount of money through these scam ads. This matter has become very serious and Meta is under tremendous pressure in Australia after Cointelegraph reported that ACCC was conducting an investigation against the firm in regard to these crypto ads. 

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Andrew Forrest, the billionaire of Aussie mining also sued the company for using his name without taking his permission in one of their hosted ads which have defrauded thousands of people. The ACCC also posted recently that Meta was involved in his mishap and they even abetted and helped spread false information. 

In the views of the regulator, fishy links were attached with the ads that took the users of Facebook to a fake article by media. These articles featured fake quotes and promises and used celebrity names to endorse cryptocurrency. The page that was opened from the link had to sign up options which were obviously filled up by innocent victims and later on scammers used to contact them. 

These tricksters used to pressurize them by calling them repeatedly and convincing them to deposit money in fake schemes. Rod Smith, the Chair of ACCC, stated that Meta is equally responsible for these frauds as they let these scam ads be featured on their platforms. He also added that the company also gained from these activities financially. 

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