Australia’s Watchdog Is To Take Legal Action Against Facebook Owner Meta For Allegedly Misleading Advertisements.

Australia’s Watchdog Is To Take Legal Action Against Facebook Owner Meta For Allegedly Misleading Advertisements.

Australia's Watchdog Is To Take Legal Action Against Facebook Owner Meta For Allegedly Misleading Advertisements.

Competition watchdog in Australia is suing Meta Platforms Inc., Facebook’s owner, alleging that the social media giant deceived consumers by posting fraud adverts depicting unknowing local celebrities.

According to the Australian Competition & Consumer Commission (ACCC), bogus media stories promoting cryptocurrency investments were connected to adverts that promoted cryptocurrency investment schemes.

As a result, many Facebook users may have mistakenly assumed that these campaigns were linked to the well-known personalities featured in them, such as businessman Dick Smith and television personality David Koch.

The ACCC has accused Meta, which owns Instagram, of “false, misleading or deceptive behaviour.” The watchdog noted that the firm’s technology allowed these advertisements to target the most vulnerable customers. According to the statement, a single person lost more than A$650,000 (about $480,000).

Chair Rod Sims of the ACCC said that “the heart of our argument” is that Meta is liable for the adverts it posts on its platform. According to reports, Meta was aware of the celebrity endorsement bitcoin scam advertising being featured but took no effort to remedy the situation.

a Meta representative in Sydney said: “We don’t want advertising aiming to cheat or mislead people on Facebook — they breach our standards and are not healthy for our community.” However, in light of the ACCC’s most recent submission, we will assess our options for responding.

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