Meta, the parent company of Facebook, has firmly refuted allegations that a substantial portion of cryptocurrency advertisements on its platform are scams, describing recent claims by Australian regulators as based on outdated data.
The Australian Competition and Consumer Commission (ACCC) recently asserted that 58% of crypto ads on Facebook are either fraudulent or violate the platform’s rules. Meta counters that this figure is derived from a 2018 report, which they argue does not accurately reflect the current situation on their platform.
A Meta spokesperson challenged the ACCC’s assertions, stating that the data referenced is from an outdated and limited sample. “The preliminary analysis cited by the ACCC pertains to a historical internal study from 2018, and thus does not represent the current state of our platform,” the spokesperson explained in a statement to Cointelegraph. “Scammers continuously adapt their tactics, and the data from 2018 likely fails to depict the true nature of today’s advertising environment.”
Meta further emphasized its commitment to combating fraud on its platform, noting that the company is actively enhancing its measures to address scam ads. According to the spokesperson, Meta employs both manual and automated review processes to monitor and remove fraudulent content and has recently updated its guidelines. Additionally, Meta has committed to the Australian Online Scams Code (AOSC) to bolster its efforts against online scams.
In response to the ACCC’s claims that Facebook’s actions are insufficient and that the platform continues to profit from scam ads, Meta defended its practices. “We use a range of advanced methods, including new machine learning techniques, to identify and act upon policy violations,” the spokesperson said.
Meta’s proactive measures include significant efforts to curtail fraudulent activity. In the first quarter of 2024 alone, the company reported the removal of 631 million fake accounts and 436 million pieces of spam content from Facebook. Notably, 99.4% of fake accounts and 98.2% of spam content were addressed before any user complaints were filed.
Meta’s response highlights its ongoing dedication to safeguarding users and improving the integrity of its advertising ecosystem, despite the regulatory scrutiny.
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