The Australian competition regulator brought Meta in court for allowing deceptive cryptocurrency ads via Facebook, in a case of proof of the parent company’s liability on actions causing consumer harm through the platform social media.
The Australian Competition and Consumers Commission said the company violated consumer and investment laws. The US company has also favored false or misleading behavior and statements.
The regulator’s lawsuit follows a separate case initiated by Andrew Forrest, who he cited in Meta judgment quest’year after his image was used to promote cryptocurrency schemes without his consent.
Furthermore, the alleged scams started in 2019 and used photos of famous Australians via Facebook to link to fake articles from the media which urged consumers to sign up for cryptocurrency schemes. Facebook users have been exposed to sales tactics under great pressure.
The targeted individuals suffered significant losses. One person was induced to spend A $ 650,000 (US $ 477,000).
The ACCC claimed that Meta generated significant revenue by associating Facebook with fake media and that its technology has allowed scammers to target consumers who are most likely to engage with ads.
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