{"id":51437,"date":"2024-08-15T02:27:49","date_gmt":"2024-08-15T02:27:49","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/australia-regulator-claims-58-percent-crypto-ads-facebook-scams"},"modified":"2024-08-15T04:43:50","modified_gmt":"2024-08-15T04:43:50","slug":"australian-regulator-claims-58-of-crypto-ads-on-facebook-are-scams","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51437","title":{"rendered":"Australian regulator claims 58% of crypto ads on Facebook are scams"},"content":{"rendered":"

Over half of crypto ads on Facebook are either scams or violate Meta\u2019s policies, according to Australia\u2019s competition watchdog \u2014 citing preliminary research.<\/p>\n

In 2022, the Australian Competition and Consumer Commission (ACCC) took Facebook parent company Meta to court over allegations the company had \u201caided and abetted\u201d celebrity crypto scam ads on Facebook. A hearing date has yet to be set.<\/p>\n

In the latest filing to federal court, the ACCC claims that during its preliminary analysis of crypto advertisements on the platform, upward of 58% of those reviewed violated \u201cMeta’s Advertising Policies or, potentially, involved scams.\u201d<\/p>\n

The ads, which promote crypto investment scams, use the image of high-profile Australians, such as entrepreneur Dick Smith, billionaire former casino executive James Packer, Hollywood actors Chris Hemsworth, Mel Gibson, Nicole Kidman, Russell Crowe, and former politician Mike Baird.<\/p>\n

No specific figure is mentioned for possible losses associated with these scams, but the Australian Government website Scamwatch shows that investment scams are still the most prominent way Aussies are losing money.<\/p>\n

Investment scams taking more cash from Aussies than any other scam in 2024. Source: Scamwatch\u00a0<\/em><\/figcaption><\/figure>\n

So far, in 2024, there have been 3,456 reports of investment scams, totaling over $78 million in losses.<\/p>\n

The ACCC says it identified 600 ads during its investigation. However, it is now focused on just 234 and claims it could find other instances of celebrity scams after the discovery process in the case.<\/p>\n

In December of 2023, Billionaire Australian mining tycoon Andrew Forrest sued Meta over Facebook ads that used deep fakes\u00a0of his image to promote scam crypto schemes. It was originally thrown out, but a United States judge gave the case a green light to proceed in June.<\/p>\n

At the same time, the regulator argues that since \u201cat least January 2018, Meta has been aware that a significant proportion of cryptocurrency advertisements on the Facebook Platform have used misleading or deceptive promotional practices.\u201d<\/p>\n

Related: <\/em><\/strong>Celebrity crypto tokens will \u2018absolutely\u2019 catch SEC\u2019s eye \u2014 Lawyers<\/em><\/strong><\/p>\n

\u201cAdvertisers are required to agree to certain contractual terms, which include compliance with Meta\u2019s Advertising Policies. These policies prohibit advertisements which promote schemes using deceptive or misleading practices,\u201d the ACCC said.<\/p>\n

According to the Australia Watchdog, Meta does possess the \u201ctechnical ability, or could have developed technology,\u201d to place warnings on suspect ads, warning users they should exercise care when interacting.<\/p>\n

It\u2019s alleged that while Meta takes down individual ads once complaints are received and, on occasion, bans associated accounts, it continues to show and earn revenue from similar ads featuring the same celebrity or other public figures.<\/p>\n

Meta claims in its safety center that it invests in \u201cproducts and support systems to keep the scammers out\u201d and deletes fake accounts.<\/p>\n

Facebook took action on 691 million fake accounts in the fourth quarter of 2023,\u00a0<\/em>down from 827 million in the previous quarter.\u00a0Source: Statista<\/em><\/figcaption><\/figure>\n

Statista data estimates that in the fourth quarter of 2023, Facebook took action on 691 million fake accounts, down from 827 million in the previous quarter and the high of 2.2 billion fake profiles in 2019.<\/p>\n

Cointelegraph has contacted Meta for comment on the ACCC\u2019s allegations.<\/p>\n

Magazine: <\/em><\/strong>AI may already use more power than Bitcoin \u2014 and it threatens Bitcoin mining<\/em><\/strong><\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

*********************************<\/p>\n

If one of the paying programs on our Monitor appeals to you, please support EmilyNews<\/em> by registering for it on our website. Thanks very very much!<\/p>\n

EN web Support Chat<\/strong> | Hyips and Crypto questions \u2013 HyipChatEN<\/a><\/strong><\/p>\n

Telegram Chat for Crypto and Hyip reports: @HyipChatEN<\/a><\/strong><\/p>\n

*********************************<\/p>\n

Be the first to get most important HYIP news everyday!
\nSimply Follow EN Facebook<\/strong><\/a>, EN Telegram<\/strong><\/a>, EN Twitter<\/strong><\/a>
\nor Subscribe to EN Feedburner<\/a><\/strong> and submit your email address!<\/p>\n

If you like this article and want to support EN \u2013 please share it by using at least few of social media buttons below. Thanks and See you tomorrow!<\/p>\n

\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Over half of crypto ads on Facebook are either scams or violate Meta\u2019s policies, according to Australia\u2019s competition watchdog \u2014 citing preliminary research. In 2022, the Australian Competition and Consumer Commission (ACCC) took Facebook parent … Australian regulator claims 58% of crypto ads on Facebook are scams<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51439,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,6904,5652,6986,6988,6987,159,97],"class_list":["post-51437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-cryptoscams","tag-emilynews","tag-facebook-scam","tag-facebook-thiefs","tag-fb-scams","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nAustralian regulator claims 58% of crypto ads on Facebook are scams - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51437\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australian regulator claims 58% of crypto ads on Facebook are scams - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Over half of crypto ads on Facebook are either scams or violate Meta\u2019s policies, according to Australia\u2019s competition watchdog \u2014 citing preliminary research. In 2022, the Australian Competition and Consumer Commission (ACCC) took Facebook parent … Australian regulator claims 58% of crypto ads on Facebook are scamsRead more\" \/>\n<meta property=\"og:url\" content=\"https:\/\/emilynews.com\/blog\/?p=51437\" \/>\n<meta property=\"og:site_name\" content=\"EmilyNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-15T02:27:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-15T04:43:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2024\/08\/fbscam.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"839\" \/>\n\t<meta property=\"og:image:height\" content=\"559\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Emilynews\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Emilynews\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/emilynews.com\/blog\/?p=51437\",\"url\":\"https:\/\/emilynews.com\/blog\/?p=51437\",\"name\":\"Australian regulator claims 58% of crypto ads on Facebook are scams - EmilyNews\",\"isPartOf\":{\"@id\":\"https:\/\/emilynews.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/emilynews.com\/blog\/?p=51437#primaryimage\"},\"image\":{\"@id\":\"https:\/\/emilynews.com\/blog\/?p=51437#primaryimage\"},\"thumbnailUrl\":\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2024\/08\/fbscam.jpg\",\"datePublished\":\"2024-08-15T02:27:49+00:00\",\"dateModified\":\"2024-08-15T04:43:50+00:00\",\"author\":{\"@id\":\"https:\/\/emilynews.com\/blog\/#\/schema\/person\/d198218498e05856be72796eea940a33\"},\"breadcrumb\":{\"@id\":\"https:\/\/emilynews.com\/blog\/?p=51437#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/emilynews.com\/blog\/?p=51437\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/emilynews.com\/blog\/?p=51437#primaryimage\",\"url\":\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2024\/08\/fbscam.jpg\",\"contentUrl\":\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2024\/08\/fbscam.jpg\",\"width\":839,\"height\":559},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/emilynews.com\/blog\/?p=51437#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/emilynews.com\/blog\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Australian regulator claims 58% of crypto ads on Facebook are scams\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/emilynews.com\/blog\/#website\",\"url\":\"https:\/\/emilynews.com\/blog\/\",\"name\":\"EmilyNews\",\"description\":\"EmilyNews Blog\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/emilynews.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/emilynews.com\/blog\/#\/schema\/person\/d198218498e05856be72796eea940a33\",\"name\":\"Emilynews\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/emilynews.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/080b41979dac9ab029c0867a1655bdaf?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/080b41979dac9ab029c0867a1655bdaf?s=96&d=mm&r=g\",\"caption\":\"Emilynews\"},\"url\":\"https:\/\/emilynews.com\/blog\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Australian regulator claims 58% of crypto ads on Facebook are scams - EmilyNews","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/emilynews.com\/blog\/?p=51437","og_locale":"en_US","og_type":"article","og_title":"Australian regulator claims 58% of crypto ads on Facebook are scams - EmilyNews","og_description":"Over half of crypto ads on Facebook are either scams or violate Meta\u2019s policies, according to Australia\u2019s competition watchdog \u2014 citing preliminary research. In 2022, the Australian Competition and Consumer Commission (ACCC) took Facebook parent … Australian regulator claims 58% of crypto ads on Facebook are scamsRead more","og_url":"https:\/\/emilynews.com\/blog\/?p=51437","og_site_name":"EmilyNews","article_published_time":"2024-08-15T02:27:49+00:00","article_modified_time":"2024-08-15T04:43:50+00:00","og_image":[{"width":839,"height":559,"url":"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2024\/08\/fbscam.jpg","type":"image\/jpeg"}],"author":"Emilynews","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Emilynews","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/emilynews.com\/blog\/?p=51437","url":"https:\/\/emilynews.com\/blog\/?p=51437","name":"Australian regulator claims 58% of crypto ads on Facebook are scams - EmilyNews","isPartOf":{"@id":"https:\/\/emilynews.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/emilynews.com\/blog\/?p=51437#primaryimage"},"image":{"@id":"https:\/\/emilynews.com\/blog\/?p=51437#primaryimage"},"thumbnailUrl":"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2024\/08\/fbscam.jpg","datePublished":"2024-08-15T02:27:49+00:00","dateModified":"2024-08-15T04:43:50+00:00","author":{"@id":"https:\/\/emilynews.com\/blog\/#\/schema\/person\/d198218498e05856be72796eea940a33"},"breadcrumb":{"@id":"https:\/\/emilynews.com\/blog\/?p=51437#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/emilynews.com\/blog\/?p=51437"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/emilynews.com\/blog\/?p=51437#primaryimage","url":"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2024\/08\/fbscam.jpg","contentUrl":"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2024\/08\/fbscam.jpg","width":839,"height":559},{"@type":"BreadcrumbList","@id":"https:\/\/emilynews.com\/blog\/?p=51437#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/emilynews.com\/blog"},{"@type":"ListItem","position":2,"name":"Australian regulator claims 58% of crypto ads on Facebook are scams"}]},{"@type":"WebSite","@id":"https:\/\/emilynews.com\/blog\/#website","url":"https:\/\/emilynews.com\/blog\/","name":"EmilyNews","description":"EmilyNews Blog","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/emilynews.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/emilynews.com\/blog\/#\/schema\/person\/d198218498e05856be72796eea940a33","name":"Emilynews","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/emilynews.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/080b41979dac9ab029c0867a1655bdaf?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/080b41979dac9ab029c0867a1655bdaf?s=96&d=mm&r=g","caption":"Emilynews"},"url":"https:\/\/emilynews.com\/blog\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/51437","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=51437"}],"version-history":[{"count":2,"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/51437\/revisions"}],"predecessor-version":[{"id":51441,"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/51437\/revisions\/51441"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=\/wp\/v2\/media\/51439"}],"wp:attachment":[{"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}