According to the best cryptocurrency website news, the ACCC has highlighted an endorsed and unapproved scam ad that is featuring most of the prominent figures in Australia such as TV Host David Koch, Entrepreneur Dick Smith, and Ex-NSW premier Mike Baird. The ACCC or the Australian Competition and Consumer Commission is targeting the Meta Platforms and has managed to take it to Federal Court over the allegation that the Irish Branch of the firm has engaged in different misleading, false, and deceptive conducts.
According to the ACCC, Meta Platforms and the Irish Branch of the firm have published a scam ad consisting of different Australian celebrities to scam the users of their money. There were some users who have already lost about hundreds of thousands of dollars to the long-running, sophisticated scams that were actually tied to this particular advertisement.
Meta is currently under the spotlight in Australia and the situation has been like this since the beginning of February. Cointelegraph previously made a report that the ACCC was trying to investigate Meta Platform over certain alleged fraudulent cryptocurrency ads.
A mining Billionaire from Australia named Andrew Forrest also attempted to take some legal action against Meta Platforms for hosting different ads which according to him, were falsely using his name in order to defraud the innocent victims. Times could be pretty tough for Meta Platforms since the Australian Competition and Consumer Commission has now managed to finally drag the firm to court over the charges of false advertisements.
In a particular announcement that was posted just a couple of days back, the ACCC made the statement that Meta actually aided as well as abetted or was actually knowingly concerned in misleading conduct and false activities and representations by different advertisers. This allegation by the ACCC was denied by Meta Platforms but as we are seeing now, Meta Platforms has been dragged to court by the Committee. ACCC highlighted unapproved or endorsed “scam” ads featuring prominent Australian figures such as entrepreneur Dick Smith, TV host David Koch and former NSW premier Mike Baird.
Meta Platforms Taken To Court by the ACCC
The regulator stated that the ads contained dubious links which directed users off Facebook to a fake media article that featured quotes attributed to the public figure supposedly endorsing a “cryptocurrency or money-making scheme.”
“Users were then invited to sign up and were subsequently contacted by scammers who used high-pressure tactics, such as repeated phone calls, to convince users to deposit funds into the fake schemes,” the announcement read.
ACCC Chair Rod Sims didn’t mince his words, as he asserted that, “Meta is responsible for these ads that it publishes on its platform” and that company the stood to gain financially by failing to remove them:
“It is a key part of Meta’s business to enable advertisers to target users who are most likely to click on the link in an ad to visit the ad’s landing page, using Facebook algorithms. Those visits to landing pages from ads generate substantial revenue for Facebook.” “In one shocking instance, we are aware of a consumer who lost more than $650,000 due to one of these scams being falsely advertised as an investment opportunity on Facebook. This is disgraceful,” he added.
According to the best cryptocurrency website news, the ACCC is currently making the argument that the particular conduct of the firm has actually managed to breach the contract that is set by the Australian Consumer Law or ACL or the ASIC Act (Australian Securities and Investments Commission Act. The ACCC is trying really hard to make sure that the firm will be subjected to declarations, injunctions, penalties, and other strict judgments from the court.
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