Meta denies claim more than half of Facebook crypto ads are scams

[bhadz]

These platforms will not admit that they cannot stop scams on their own platform. Name them, meta, google, twitter or x and many more. Many contents from each of them are being done to swarm potential scam victims and they will not be liable for anyones lost. Instead of upgrading their measures and ways of preventing it from happenin, they cannot guarantee someones safety thru these cons and so they will claim the opposite from the reality that is happening on them.

[Freemind]

These platforms will not admit that they cannot stop scams on their own platform. Name them, meta, google, twitter or x and many more. Many contents from each of them are being done to swarm potential scam victims and they will not be liable for anyones lost. Instead of upgrading their measures and ways of preventing it from happenin, they cannot guarantee someones safety thru these cons and so they will claim the opposite from the reality that is happening on them.

Don't they admit they can't stop scams? What all the companies you mentioned should admit is that they really don't care. I refuse to believe that these companies do not have the means to know what advertising is honest and what advertising has dubious purposes. Resolving things like this would be as easy as publishing an annual report with a list of advertisers (and the people who hire that advertising) and the companies' complaints against the companies or people who have tried to scam users through their services and platforms.

[Z-tight]

These platforms will not admit that they cannot stop scams on their own platform. Name them, meta, google, twitter or x and many more. Many contents from each of them are being done to swarm potential scam victims and they will not be liable for anyones lost. Instead of upgrading their measures and ways of preventing it from happenin, they cannot guarantee someones safety thru these cons and so they will claim the opposite from the reality that is happening on them.

The truth is that they cannot completely eradicate scam on their platform, they cannot also guarantee everyone's safety, that is not possible, what is simply expected of them is to do much better in verifying ads before they make it available to their users. Surely a few is going to slip under their watch, but in the grand scheme of things, it will reduce the scam ads.

Take note that the people who use these platforms also have a responsibility to also protect themselves, they cannot simply fall for every scam ad and turn around to blame only the platform.

[Aanuoluwatofunmi]

They will have to deny the claim because they are also part of what is promoting for such scam, how i wish there are measures whereby they can be able to adopt in knowing between the good ones and the bad ones before accepting the offer to promote for them on their page, but this is money we are talking about, everyone is only much more concerned on what they stand to earn from any service they offer without considering the risk their target audience could be placed on.

[Captain Corporate]

To be fair, I really do not think there is a possible way for facebook to ban anything before they are reported. I mean they have to check every single ad first, before they approve it, and do you know how many ads there are in Meta companies? That would require about a thousand people per shift working nonstop, for 3 shifts a day. Probably more. I think they should just let it continue with "if something is reported, we take a look". Plus, even if they end up with a lot of people who work to check something, you do not know whats a scam before they out themselves, we all invest into things and then they turn out to be scams right? So how would they know?

[Stompix]

Even though 58% figure comes from old data, it's lower than i expected. I guess ACCC doesn't count some misleading or shady crypto ads.

Same thought here!
Probably they only checked outright phishing scams or those impersonating someone, I'm pretty sure no way in hell would there be only 60% of crypt adds scams, another 30% would for sure be pump and dump schemes, fake trading websites and investment schemes.
Suppose the numbers are tru, what are the legit ones making 42%?

[bitterguy28]

Probably they only checked outright phishing scams or those impersonating someone, I'm pretty sure no way in hell would there be only 60% of crypt adds scams, another 30% would for sure be pump and dump schemes, fake trading websites and investment schemes.
Suppose the numbers are tru, what are the legit ones making 42%?

legit projects do not mean they become popular or successful maybe there are just projects that are just there and are not really getting much attention maybe some of them just die and get left behind but then it still does not seem too realistic that 42% are real ones we know how easy it is to set up a project and place an ad for said project are they saying they are able to filter out the fishy ads? anyway it is still big number for the scam ads so it is worrying

[LogitechMouse]

These platforms will not admit that they cannot stop scams on their own platform. Name them, meta, google, twitter or x and many more. Many contents from each of them are being done to swarm potential scam victims and they will not be liable for anyones lost. Instead of upgrading their measures and ways of preventing it from happenin, they cannot guarantee someones safety thru these cons and so they will claim the opposite from the reality that is happening on them.

They will not admit it because it will affect their reputation.

At the same time, as much as I want to praise them for combatting crypto scams on their platform, I always believe that "THERE IS NO PERFECT SYSTEM" in terms of eradicating these types of crypto ads on their platform, and so with other social media platforms as well.

They will not admit it, but they will not say that their way of fighting it is perfect hence, we are seeing numerous crypto scams on Meta on a daily basis. I believe that they will upgrade their measures, but I also believe that we as investors need to upgrade as well especially in knowing which are potential scams and which are not. We know that no social media platform out there has a 100% system that can eradicate these scams, so it's up to us now if we will fall to them or not.

[Stompix]

legit projects do not mean they become popular or successful maybe there are just projects that are just there and are not really getting much attention maybe some of them just die and get left behind

Sorry, but I won't consider projects that advertise this and that and that have nothing backing them up and disappear the next day like being legit, let's be honest about most of them 99% are just cash grabs and for the people that buy into them thinking like this they turn up like a money pit with the same effect of scam.
I never saw a crypto "project" telling the people outright what happens if they fail and what are chances of getting a penny back.

[Rami]

It's frustrating to see Facebook letting scam ads run wild while they crack down on legitimate content! It's like they're saying, "We love your money, but your trust? Not so much!" Maybe they should hire a few crypto enthusiasts to help them spot the scams—after all, we’re pretty good at dodging those!

[philipma1957]

Facebook’s parent company, Meta, has denied claims that over half of crypto ads on Facebook are scams, arguing that the data is outdated and that it has since taken steps to address the issue.

As part of its 2022 lawsuit, the Australian Competition and Consumer Commission (ACCC) claimed in a recent filing to federal court that 58% of the crypto ads it reviewed on Facebook are scams.

A Meta spokesperson said the data in the ACCC’s statement of claim relies on old information from 2018 and is from a “limited data set” and that other contact methods are still the top way people are scammed.

The ACCC claims it identified 600 ads during its investigation, and since “at least January 2018,” Meta has been aware that many of the crypto ads on Facebook have used misleading promotional practices.

It also alleged Meta does take down individual ads once complaints are received and ban associated accounts; however, it continues to earn revenue from similar ads.

More of this news here.


Facebook is allowing scam ads to proliferate all because they are making big money out of them. In the past, I used to be reporting these scam ads but I got tired when I always see them almost everyday most especially here in my country. These supposed "crypto scam ads" are even using well-known personalities as if they are their own endorser for their supposed money- making schemes. I understand that Facebook is strict in everything but I don't get it why scam ads still got in into their platform. Maybe it is really time for Facebook to be serious in vetting their ads and use the same kind of being strict to legitimate advertisers. Allowing these scams are also hurting the reputation of the whole crypto industry as many may think that in this industry all we do is scamming people.

They are not fined enough money.  ie if Facebook makes 100 million a year renting to bad actors in crypto and is fined 10 million for doing it. The bottom line is 100-10 = 90 million profit.

So in the name of business profits they do it.

If the fines were 1.5 the ad revenue ie 100 million in profit for bad ads gets you a 150 million fine they would stop doing it.

This is not going to happen any time soon.