Meta denies that more than half of Facebook's encrypted ads are scams

ChainCatcher news, according to Cointelegraph, Facebook's parent company Meta has denied claims that more than half of the crypto ads on Facebook are scams, stating that this data is outdated and that measures have been taken to address the issue. As part of its 2022 lawsuit, the Australian Competition and Consumer Commission (ACCC) recently claimed in documents submitted to the federal court that 58% of the crypto ads it reviewed on Facebook were scams.

A Meta spokesperson stated in a statement: "The data in the ACCC's claim relies on outdated information from 2018 and comes from a limited data set. Other means of contact remain the primary way people are scammed, and the ACCC's data is unlikely to accurately reflect the current state of our platform. The preliminary analysis mentioned is an allegation in the ACCC's claim, involving a historical internal study conducted in 2018 on a small sample of ads; Meta is defending against the ACCC's claim and will respond to this allegation at the appropriate time. Scammers exploit every platform they can, constantly adjusting their strategies to evade law enforcement. Meta does not want scams to occur on its platform, and we will continue to work tirelessly to prevent scams and protect our users."