In this weekly segment, ExchangeWire sums up key industry updates in media, marketing, and commerce from around the globe. In this edition: the ACCC takes Meta to court over misleading ads; Apple issued their ninth weekly fine in The Netherlands; Alibaba try to woo investors by increasing their buyback scheme; and Apple purchase UK fintech start-up, Credit Kudos.
Meta in trouble with the ACCC over misleading ads on their site
Meta have been taken to court by the Australian Competition and Consumer Commission (the ACCC) over claims the social media giant failed to regulate misleading and deceptive cryptocurrency advertisements on Facebook.
According to reports, Meta were aware that these scams were being advertised on their platform, but failed to take the appropriate steps to address the issue. Once clicked on, the ads would take users to fake media articles which featured the names and images of public figures without their consent. “Meta failed to take sufficient steps to stop fake ads featuring public figures, even after those public figures reported to Meta that their name and image were being featured in celebrity endorsement cryptocurrency scam ads,” Chair Rod Sims commented.
“We allege that the technology of Meta enabled these ads to be targeted to users most likely to engage with the ads, that Meta assured its users it would detect and prevent spam and promote safety on Facebook, but it failed to prevent the publication of other similar celebrity endorsement…
