Bank Leumi CEO Accuses Facebook of Profiting From Scams

Hanan Friedman, the CEO of Bank Leumi, has launched a public criticism against Facebook, accusing the social media giant of profiting from fraudulent advertisements that target Israeli users. Friedman, who has become increasingly active on the X platform (formerly Twitter), stated that Facebook "rakes in a huge fortune from advertising fake ads that trap countless innocent Israelis." He specifically mentioned that these ads impersonate well-known individuals and financial institutions like Bank Leumi.

Friedman asserted that Facebook's inaction on these scams is intentional, suggesting that the company benefits financially from the advertising revenue generated by these fraudulent posts. "This is not a bug, it's a feature. That's why Bank Leumi sued Facebook. The lawsuit is ongoing. We will not let them get away with it," he declared.

He extended an invitation to any individual or organization willing to join the fight against Facebook's practices, even offering financial support for the cause. Friedman believes that preventing these scams is relatively simple for Facebook, but the company chooses not to implement such measures because it would reduce their profits.

Investment guru Tamir Mandobsky joined the discussion, sharing his own experiences with impersonation on Facebook and expressing his desire to join Friedman as a plaintiff. Mandobsky requested to be connected with someone in Bank Leumi's legal department to pursue the matter further.

Friedman's public stance on X is part of his recent increased engagement on the platform, where he directly interacts with users and addresses issues related to the bank and its customers. His criticism of Facebook highlights his view that the social media company bears responsibility for the fraudulent activities occurring on its platform.