Tech giants like Google, Facebook, and Telegram have decided to ban ads related to ICOs on their platforms. They do not want to be held responsible if people lose their money by investing in any fraudulent schemes that were advertised on their website. However, in spite of all the precautions taken, crypto related content have found their way on these social platforms.
In a similar case, a lawsuit has been filed against Facebook through the UK’s High Court by Martin Lewis, a well-known financial journalist and founder of consumer finance. He has accused the tech giant of defamation. He has charged Facebook with publishing close to 50 cryptocurrency ads that falsely used his face and name to promote scams based on cryptocurrencies.
How were consumers duped?
Lewis has stated that advertisements promoted get-rich-quick schemes that were trading options with the odds stacked heavily against the customer. Martin further disclosed that they had names like “Stay Safe During 2018 Crash By Doing This Even With £250, Says Martin” and these schemes would be linked to websites featuring fake news.
He further said,
“I’ve been fighting for over a year to stop Facebook letting scammers use my name and face to rip off vulnerable people — yet it continues.”
“I feel sick each time I hear of another victim being conned because of trust they wrongly thought they were placing in me.”
He further stated,
“It’s time Facebook was made to take responsibility. It claims to be a platform not a publisher – yet this isn’t just a post on a web forum, it is being paid to publish, promulgate and promote what are often fraudulent enterprises. My hope is this lawsuit will force it to change its system.”
The fraudsters may have taken advantage of Martin’s image as he is the founder of MoneySavingExpert blog and he is well-known for his years of writing and several television appearances.
When asked for a response, a spokesperson for Facebook said,
“We do not allow adverts which are misleading or false on Facebook and have explained to Martin Lewis that he should report any adverts that infringe his rights and they will be removed. We are in direct contact with his team, offering to help and promptly investigating their requests, and only last week confirmed that several adverts and accounts that violated our Advertising Policies had been taken down.”
However, Lewis has complained that Facebook allows new ads that use his name and face on the site even after the original ones have been taken down.