"Tech giant Meta ran advertisements used to lure Australian investors into a fraudulent bond scheme that allegedly defrauded tens of millions of dollars from them. In one sponsored Facebook post, a smiling couple was quoted as being "thrilled" to receive higher returns after investing in corporate bonds to "secure" their financial future. But the reality was far different for 80 Australians, who paid about $23 million to Australian company GIM Trading"
"Meta is under intense pressure to do more to crackdown on scams and other dodgy ads that have swamped its popular platforms, Facebook and Instagram. Celebrity deepfakes have used altered footage or images of Prime Minister Anthony Albanese, TV personality David Koch and mining magnate Andrew "Twiggy" Forrest to encourage people to make fraudulent investments. Commonwealth Bank published a warning about sponsored Facebook and Instagram ads, which falsely promised exclusive stock tips from well-known finance analyst Tom Piotrowski."
Meta advertisements lured Australian investors into a fraudulent corporate bond scheme that allegedly defrauded tens of millions of dollars. About 80 Australians paid roughly $23 million to GIM Trading and now fear their money has been stolen. One investor, Sai Skipworth, lost $300,000, sold his apartment and faced increased stress and liquidity pressures to keep his business and staff afloat. ASIC is conducting an ongoing investigation. Meta faces pressure to crack down on scam and dodgy ads across Facebook and Instagram. Celebrity deepfakes and sponsored posts promising stock tips further amplified fraudulent investment solicitations, and Reuters reported internal Meta revenue estimates tied to such ads.
Read at Abc
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