Meta Contests ACCC's Crypto Ad Scam Claims

Meta, Facebook's parent company, is contesting claims by the Australian Competition and Consumer Commission (ACCC) that 58% of reviewed cryptocurrency ads on Facebook are scams. Meta argues that the ACCC's data is outdated, from 2018, and not representative of current conditions, highlighting its extensive measures to combat scam ads, including manual reviews, automated technology, and updated guidelines. The ACCC's allegations, part of a 2022 lawsuit, accuse Meta of aiding fraudulent crypto ads featuring celebrity likenesses without permission. Despite Meta's defenses, the court filings indicate ongoing concerns about the effectiveness of Meta's ad review processes. Investment scams remain a significant issue in Australia, with substantial financial losses reported in 2024.