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Facebook’s parent company Meta has faced harsh criticism from three of Australia’s largest TV networks, Seven, Nine, and Ten, during a Senate inquiry. The networks accused Meta of allowing fake news stories and crypto scam advertisements to feature on its platform, featuring prominent Australian TV personalities such as David Koch and Karl Stefanovic.
The Senate inquiry heard evidence that the scam ads were luring vulnerable consumers to invest in cryptocurrencies, only to lose their savings. The networks’ representatives expressed their frustration that despite repeated complaints, the scam ads continue to appear on Facebook and other social media platforms.
The scam ads often feature celebrities endorsing fake cryptocurrency investments, with links to fraudulent websites where unsuspecting consumers are encouraged to provide personal and financial information. In some instances, consumers have lost their life savings after falling prey to fraudulent ads.
The networks accused Meta of failing to take adequate action against these fraudulent ads, despite receiving numerous complaints from consumers and regulatory bodies. They also claimed that Meta had failed to take responsibility for the harm caused to consumers who had trusted the platform.
“Fake ads continue to quickly reappear after they are taken down. These inadequate takedown processes damage the business reputations of broadcasters and also the personal reputations of the celebrities and media personalities that are misrepresented,” the network said.
The Senate inquiry has been investigating the regulation of digital platforms in Australia, including misinformation and the spread of fake news. The inquiry is expected to recommend how the government can better regulate social media platforms and protect consumers from fraudulent advertisements and fake news.
In response to the allegations, a Meta spokesperson said the company was committed to preventing the spread of misinformation and fraudulent ads. The spokesperson added that the company had invested heavily in artificial intelligence and machine learning technologies to detect and remove fraudulent content from its platform.
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