According to PANews, Meta, the parent company of Facebook, has refuted allegations that over half of the cryptocurrency advertisements on its platform are scams. These claims were made by the Australian Competition and Consumer Commission (ACCC) as part of its 2022 lawsuit. The ACCC recently submitted documents to the Federal Court, asserting that 58% of the crypto ads reviewed on Facebook were fraudulent.

A Meta spokesperson responded, stating that the data cited by the ACCC is outdated, relying on information from 2018 and a limited dataset. The spokesperson emphasized that other contact methods remain the primary ways people are scammed, suggesting that the ACCC's data may not accurately reflect the current state of the platform. The initial analysis mentioned in the ACCC's claim pertains to a historical internal study of a small sample of ads from 2018. Meta is defending against the ACCC's claims and will respond to the allegations in due course. The spokesperson added that scammers exploit all available platforms and continuously adapt their strategies to evade enforcement. Meta is committed to preventing scams on its platform and protecting its users.

Meta also stated that it removes individual ads and bans related accounts upon receiving complaints, although it continues to generate revenue from similar ads. The company has implemented manual reviews, automated technology, joined the Australian Online Safety Code (AOSC), and updated guidelines to ensure advertisers post legitimate content. The Meta spokesperson noted, 'We are currently using and will continue to explore various methods, such as new machine learning technologies, to identify content and accounts that violate our policies.'