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· Posted on
February 21, 2024

The ACCC is suing Meta over dodgy crypto scams

The scams featured local celebs like Dick Smith and David Kochie.

What's the key learning?

  • The ACCC has launched a Federal Court case against Meta over a scam ad campaign on Facebook
  • No longer are social media platforms able to avoid responsibility for the actions that take place on their platforms
  • Although Facebook didn't actually post the ads themselves, their platform facilitated it. And the ACCC reckon that's enough to hold Meta liable.

Background: The consumer watchdog - aka the Australian Competition and Consumer Commission - ain't a fan of dodgy activity. 

 

What happened: The ACCC has launched a Federal Court case against none other than Zucky Zuck's Meta over a scam ad campaign on Facebook. The campaign promoted crypto and was supposedly 'promoted' by Aussie celebs, like Dick Smith and Kochie.

 

What else: The ACCC said the ads were likely to mislead Aussies because they were associated with celebs and business people. But alas, it's all one, big, ugly scam. 

 

🔔 What's the key learning?

 

💡 No longer are social media platforms able to avoid responsibility for the actions that take place on their platforms. Regulators are reaaallly starting to hold Meta accountable for the ads they publish.

 

💡 This case says Meta engaged in false, misleading or deceptive conduct, because they published scam ads. And that's cos:

  1. The ads can lead to massive financial losses for consumers
  2. The ads can damage the reputation of the public figures falsely associated with ads.

💡 Although Facebook didn't actually post the ads themselves, their platform facilitated it. And the ACCC reckon that's enough to hold Meta liable.

‍

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