TechFlow reports that Meta, the parent company of Facebook, has recently denied claims that more than half of Facebook's cryptocurrency advertisements are scams. Earlier, the Australian Competition and Consumer Commission (ACCC) stated in a federal court filing that 58% of the Facebook cryptocurrency ads it reviewed were fraudulent.
A Meta spokesperson responded that ACCC's data came from a "limited dataset" from 2018, which is outdated and does not accurately reflect the current state of the platform. Meta emphasized that it has been actively combating scam ads through measures such as human review, automated technologies, and participation in the Australian Online Scams Code (AOSC).
According to Meta, in the first quarter of 2024, Facebook removed 631 million fake accounts and 436 million pieces of spam content, with 99.4% of fake accounts and 98.2% of spam content dealt with before users reported them.
