ACCC Probes Facebook Crypto Scam Ads
This one probably won’t even make Meta’s Top 100 worries at the moment, but the ACCC is investigating Facebook for allowing advertising on its platform that resulted in Aussies being defrauded by crypto scams.
This follows Fortescue Metals chairman Andrew Forrest (pictured below) bringing criminal charges against Meta this week.
Forrest alleges advertising on Facebook that uses his image misled users into thinking he personally endorsed various investment opportunities, which were later uncovered as scams.
“While Dr Forrest’s proceedings concern similar advertisements to those that the ACCC is investigating, the ACCC’s investigation is separate and concerns different questions of law. Dr Forrest’s proceedings have been brought under the Commonwealth Criminal Code,” ACCC Chair Rod Sims told The Australian.
“The ACCC will continue to consider whether Meta’s conduct raises concerns under the Australian Consumer Law.
“Like Dr Forrest we consider that Meta should be doing more to detect, prevent and remove false or misleading advertisements from the Facebook platform so that consumers are not misled and scammers are prevented from reaching potential victims,” Sims concluded.
“I’m doing this on behalf of innocent Australians who don’t have the resources to take on companies like Facebook,” Forrest said of his lawsuit.
“The same people who are being scammed and many of whom have seen me falsely featured on Facebook advertisements.
“I want social media companies to use more of their vast resources and billions of dollars in annual revenue to protect vulnerable people who are targeted and fall victim to these scams.”