The Competition and Consumer Commission said that it has filed a Federal Court complaint against Meta Platforms for “false, misleading, or deceptive behaviour” in violation of consumer and securities laws. It accused Meta of not doing enough to block fraudulent advertisements for cryptocurrency or money-making schemes, after being notified by celebrities who had been misled by similar Facebook ads.
Australia stated on Friday that it is suing Meta, the company of Facebook, for cryptocurrency scam ads that fraudulently purported to be backed by celebrities. Meta promised to defend itself, stating in a statement that it aimed to reduce fraudulent adverts by detecting and blocking them using technology. The advertising featured well-known Australians, including former New South Wales premier Mike Baird and businessman Dick Smith, according to the commission.
According to the commission, one consumer lost more than Aus$650,000 (US$480,000) in one of the Facebook scams fraudulently presented as an investment opportunity. Sims described the situation as “disgraceful.” The consumer protection agency stated that it was seeking injunctions, fines, and the reimbursement of legal expenses from the court.