Meta-mayhem: Former TV presenter takes on tech giants in scam battle Down Under
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In today's digital age, the rise of online scams has become a significant concern, with countless individuals falling victim to fraudulent schemes. High-profile figures are increasingly targeted, and their identities and reputations are exploited for illicit gains.
As these deceptive practices proliferate, it's crucial to understand the impact on those affected and the ongoing efforts to combat such activities.
Recently, a case involving a prominent public figure who has taken a stand against the misuse of their likeness highlighted the broader implications for digital security and personal integrity.
Renowned Australian television presenter and finance expert David Koch is no stranger to this dark side of the digital world.
Recently, he was embroiled in a battle against the tech giant Meta (formerly known as Facebook), expressing his fury over the stalled legal action against the company for scams that exploit his likeness to deceive unsuspecting Australians.
David Koch, alongside other prominent figures such as billionaire Andrew Forrest and entrepreneur Dick Smith, is part of a lawsuit initiated by the Australian Consumer & Competition Commission (ACCC) against Meta.
The lawsuit, filed in 2022, accused the social media behemoth of misleading conduct by allowing fraudulent ads to proliferate on its platform.
These ads, which often promise lucrative investment returns, used the trusted faces of public figures like Koch to lure victims.
Koch, 68, voiced his frustration over the stalled legal action, noting that Australians are still being scammed in the meantime.
‘I'm just devastated by what (the scams do to) ordinary people—it's people's life savings,’ he stated.
‘If (Meta has) algorithms that can pick up the inappropriate posts of customers on a platform, why don’t they have the same algorithms that can also pick up inappropriate advertising and content on their platforms?’
The economics expert compared the scammers to ‘the new drug cartels’, calling on platforms to either compensate victims or halt these ads.
‘They're just here to rip people off financially, and it's boiler rooms in The Philippines or in Eastern Europe that’s running them all,’ Koch continued.
‘Surely, the platforms have a responsibility to either give compensation to people who have been ripped off or to stop these ads going on the platform.’
Koch has previously confessed to feeling ‘devastated’ upon discovering that his likeness had been unlawfully used to defraud unsuspecting victims.
‘People who trust me and trust what I say and look at me and say, “Wow, I'm getting some comfort out of what this bloke is saying,” are then getting ripped off by some scammer from overseas,’ he shared.
One harrowing example is the case of Alison Smyth, who lost $250,000 to a scam after seeing an advert on social media that appeared to endorse Bitcoin investments by Koch.
After receiving a call from a man named Ben with an English accent and investing her life savings, she was ‘devastated’ to discover she had been deceived.
Koch has had a long and distinguished career, including his recent appointment as the new chair of the South Australian Tourism Commission (SATC). The Adelaide-born TV presenter will take over from Andrew Bullock as chair of the commission, who has served in the role since 2019.
‘A passionate South Australian and media professional, Kochie is a leading advocate for small business and a high-profile finance commentator,’ SATC said in a statement.
‘We are very fortunate to have someone of the calibre of David Koch to lead the work of our State’s Tourism Commission.’
‘David will give us some fresh perspectives that will enable our sector to keep growing as we outpace the nation,’ they added.
Koch, renowned for his passionate advocacy for South Australia, also commented on the appointment, highlighting, ‘We do the best food and wine in the nation, and we have some of the nation’s most spectacular regions…we also retain a reputation for delivering first class major events and festivals.’
He will serve in the position for three years, starting from July 2, and will travel between South Australia and his residence in Sydney.
Despite his busy schedule, which includes running a media company, providing finance commentary, and serving as the chairman of Port Adelaide Football Club since 2012, Koch is determined to see justice served.
He bid farewell to Sunrise for the final time on June 9, 2023, following 21 years with the program.
Have you seen these fraudulent ads with Kochie in them? What would you advise others to avoid falling victim to these schemes? Let us know in the comments below.
As these deceptive practices proliferate, it's crucial to understand the impact on those affected and the ongoing efforts to combat such activities.
Recently, a case involving a prominent public figure who has taken a stand against the misuse of their likeness highlighted the broader implications for digital security and personal integrity.
Renowned Australian television presenter and finance expert David Koch is no stranger to this dark side of the digital world.
Recently, he was embroiled in a battle against the tech giant Meta (formerly known as Facebook), expressing his fury over the stalled legal action against the company for scams that exploit his likeness to deceive unsuspecting Australians.
David Koch expressed frustration over delayed legal action against Meta for scams featuring his likeness in ads. Credit: Instagram / David Koch
David Koch, alongside other prominent figures such as billionaire Andrew Forrest and entrepreneur Dick Smith, is part of a lawsuit initiated by the Australian Consumer & Competition Commission (ACCC) against Meta.
The lawsuit, filed in 2022, accused the social media behemoth of misleading conduct by allowing fraudulent ads to proliferate on its platform.
These ads, which often promise lucrative investment returns, used the trusted faces of public figures like Koch to lure victims.
Koch, 68, voiced his frustration over the stalled legal action, noting that Australians are still being scammed in the meantime.
‘I'm just devastated by what (the scams do to) ordinary people—it's people's life savings,’ he stated.
‘If (Meta has) algorithms that can pick up the inappropriate posts of customers on a platform, why don’t they have the same algorithms that can also pick up inappropriate advertising and content on their platforms?’
The economics expert compared the scammers to ‘the new drug cartels’, calling on platforms to either compensate victims or halt these ads.
‘They're just here to rip people off financially, and it's boiler rooms in The Philippines or in Eastern Europe that’s running them all,’ Koch continued.
‘Surely, the platforms have a responsibility to either give compensation to people who have been ripped off or to stop these ads going on the platform.’
Koch has previously confessed to feeling ‘devastated’ upon discovering that his likeness had been unlawfully used to defraud unsuspecting victims.
‘People who trust me and trust what I say and look at me and say, “Wow, I'm getting some comfort out of what this bloke is saying,” are then getting ripped off by some scammer from overseas,’ he shared.
One harrowing example is the case of Alison Smyth, who lost $250,000 to a scam after seeing an advert on social media that appeared to endorse Bitcoin investments by Koch.
After receiving a call from a man named Ben with an English accent and investing her life savings, she was ‘devastated’ to discover she had been deceived.
Koch has had a long and distinguished career, including his recent appointment as the new chair of the South Australian Tourism Commission (SATC). The Adelaide-born TV presenter will take over from Andrew Bullock as chair of the commission, who has served in the role since 2019.
‘A passionate South Australian and media professional, Kochie is a leading advocate for small business and a high-profile finance commentator,’ SATC said in a statement.
‘We are very fortunate to have someone of the calibre of David Koch to lead the work of our State’s Tourism Commission.’
‘David will give us some fresh perspectives that will enable our sector to keep growing as we outpace the nation,’ they added.
Koch, renowned for his passionate advocacy for South Australia, also commented on the appointment, highlighting, ‘We do the best food and wine in the nation, and we have some of the nation’s most spectacular regions…we also retain a reputation for delivering first class major events and festivals.’
He will serve in the position for three years, starting from July 2, and will travel between South Australia and his residence in Sydney.
Despite his busy schedule, which includes running a media company, providing finance commentary, and serving as the chairman of Port Adelaide Football Club since 2012, Koch is determined to see justice served.
He bid farewell to Sunrise for the final time on June 9, 2023, following 21 years with the program.
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