Leumi Bank CEO Urges Israelis to Join Lawsuit Against Meta Over Fraudulent Ads
Translated & summarized from Cursorinfo by baba
Leumi Bank CEO Hanan Fridman is urging Israelis to join a NIS 26.6 million lawsuit against Meta, accusing the social media giant of profiting from fraudulent ads. The bank claims these fake advertisements, which impersonate individuals and institutions, have led to significant financial losses for customers. Leumi Bank seeks compensation for damages and demands stricter advertiser verification from Meta. The lawsuit is currently being heard by Judge Noa Grossman in the Tel Aviv District Court.
The story in 6 lines · by baba
- Leumi Bank CEO Hanan Fridman invited Israelis to join a NIS 26.6 million lawsuit against Meta over fraudulent ads.
- The bank alleges Meta profits from fake advertisements that harm customers and steal from Israelis.
- The lawsuit claims fraudulent transactions on client accounts reached approximately NIS 140 million.
- Leumi Bank seeks NIS 26.6 million in damages, including client reimbursements and reputational harm.
- The bank demands Meta implement stricter advertiser verification and pre-screen ads mentioning its name.
- The case is being handled by Judge Noa Grossman in the Tel Aviv District Court.
Leumi Bank CEO Hanan Fridman has called on Israelis who have been victims of online scams to join a NIS 26.6 million lawsuit against Meta, the parent company of Facebook. Fridman alleges that Facebook profits from fraudulent advertisements that impersonate well-known individuals and organizations, causing financial harm to unsuspecting users. He stated on social media that Facebook "rakes in huge sums of money on advertising fake ads that trap a huge number of gullible Israelis" and that the company "gets rich by stealing from Israelis." Fridman believes this is not a technical glitch but an intentional business practice, as tackling such fraud would reduce advertising revenue.
The lawsuit, initially filed in August 2026, claims Meta approves and promotes scam ads for payment, even when they display clear signs of forgery, such as unauthorized use of bank trademarks, poor grammar, and unverified advertiser accounts. These ads often promise false benefits like gift certificates or car giveaways, luring victims into revealing personal data and verification codes to gain access to their accounts. In a prior claim sent to Meta in June, Leumi Bank stated that fraudulent transactions on client accounts reached approximately NIS 140 million due to these publications, though the bank managed to prevent fraud totaling up to NIS 84 million.
The NIS 26.6 million sought in the lawsuit is broken down into NIS 3.9 million for reimbursements to affected clients, NIS 17.7 million for processing complaints, monitoring, and operational expenses, and NIS 5 million for reputational damage. Leumi Bank is also demanding that Meta implement stricter advertiser verification processes and flag ads from unverified accounts, as well as pre-screen all publications mentioning the bank's name.
Fridman's call to action came after journalist Shaul Amsterdamksy shared his experience of having his name used in ads promoting stock investments, which continued despite his complaints to Facebook. Tamir Mendowski, author of "Investing for Dummies," also reported that his name is being used by scammers. Former Knesset Member Abir Kara highlighted a Facebook post announcing a ticket giveaway purportedly from Leumi Bank. Fridman encouraged all victims to join the fight against Facebook's alleged complicity in fraud, emphasizing that the case is being handled by Judge Noa Grossman in the Tel Aviv District Court.
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