Facebook’s Meta Watchdog sues Facebook owner for misleading ads

Meta has been sued by the Australian Watchdog over fraudulent crypto ads

Meta Platforms Inc. The owner of Facebook is suing Australia’s competition watchdogs for allegedly misleading social media users by posting fraudulent ads featuring local celebrities.

The ads encouraged cryptocurrency investments and linked them to fake media articles that supported the scheme, the Australian Competition and Consumer Affairs Commission said on Friday.

Facebook users probably thought the promotions were linked to celebrities in the ads, including businessman Dick Smith and TV presenter David Koch, although they were never approved, he said.

Meta, who also owns Instagram, “engaged in false, misleading or misleading conduct,” the ACCC said. The company’s technology has made it possible to target these ads to the most sensitive users, he said. One person lost more than $ 650,000 ($ 480,000), according to the statement.

“The essence of our case is that Meta is responsible for those ads that it publishes on its platform,” said ACCC President Rod Sims. “It is believed that Meta knew that the cryptocurrency ads of the celebrity endorsement were being displayed on Facebook, but did not take sufficient steps to resolve the issue.”

“We don’t want people to cheat or mislead people with ads on Facebook; they violate our policies and are not good for our community.” A Sydney-based Meta spokesman said in a statement. “We will look into the final proceedings of the ACCC and intend to defend the proceedings.”

(Except for the title, this story has not been edited by NDTV staff and has been published from a union feed.)

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