According to the Australian Competition and Consumer Commission (ACCC), more than 58% of advertisements on Facebook related to cryptocurrencies may be fraudulent. This includes banners, videos, and other types of ads that mislead users with promises of quick and easy ways to make money through investments in digital assets.
The regulator specifically pointed out that these ads often use images and names of famous people, including well-known Australians and Hollywood actors, giving them a false sense of legitimacy. In most cases, these ads target users who are looking to make quick profits, but they can result in significant financial losses. Many victims trusted the ads without suspecting that they were actually dealing with scammers.
The regulator emphasizes that Meta, the company that owns Facebook, has both the technical capabilities and the resources to develop effective tools that could prevent such suspicious ads from appearing on the platform. However, according to the ACCC, the company is not taking sufficient measures to protect its users from fraud. In light of this, the regulator is calling on Meta to strengthen its control over advertising content and take a more active role in combating the spread of deceptive ads.
Additionally, the ACCC notes that such cases of fraud negatively impact users’ trust in cryptocurrencies as a whole and hinder the development of the digital asset market. The regulator underscores the importance of close collaboration with major online platforms like Facebook to combat fraudulent schemes and improve user safety online.
In conclusion, the ACCC warns social media users to be especially cautious and skeptical of any investment offers that seem too good to be true.
