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Meta Sued in Japan for Investment Ads with Fake Celebrity Endorsement
Four people sue the Japanese arm of U.S. tech giant Meta Platforms Inc. over false investment ads using fake celebrity endorsements on Facebook and Instagram.
Social media scams soliciting investments by using the names and images of prominent business figures without their consent have become nationwide problems lately, with the amount of money defrauded reaching around 27.8 billion yen in 2023 alone, according to the National Police Agency. While the government plans to come up with measures to tackle such crimes around June, a ruling Liberal Democratic Party lawmaker involved in promoting digital issues said Thursday that introducing legal restrictions is possible amid the increasing number of social media scams. The four plaintiffs transferred money to designated bank accounts under the impression that they were investing in foreign exchange margin trading after viewing fake advertisements on Facebook and Instagram between August and October last year, according to the lawsuit.
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