Bank Leumi Sues Meta for Millions Over Fraudulent Ads on Facebook and Instagram

Bank Leumi filed a lawsuit on Tuesday against Meta Platforms, the owner of Facebook and Instagram, seeking approximately 26 million shekels. The bank accuses Meta of continuously allowing paid fraudulent advertisements impersonating Bank Leumi, from which Meta allegedly profits significantly. The lawsuit, submitted to the Tel Aviv District Court, claims Meta knowingly accepted payments for illegitimate ads despite having information to distinguish between genuine and fake bank advertisements.

Bank Leumi states that despite repeated requests to Meta to protect the public, the fraudulent ads persisted. The bank describes the situation as absurd, with both the bank and its customers suffering harm while Meta benefits financially. The complaint accuses Meta of knowingly cooperating in the fraud for profit and failing to provide an adequate solution despite being fully aware of the issue.

The bank further claims it has had to independently manage the removal of these fraudulent ads without assistance from Meta. In July alone, 243 cases of fraudulent advertisements were identified, and since then, Bank Leumi has prevented cumulative damages estimated at around 9.2 million shekels. The lawsuit highlights Meta's alleged negligence and financial motives in allowing the ongoing scam to continue on its platforms.