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Bank Leumi CEO Rallies Public Against Facebook's Alleged Profit from Scams
Bank Leumi CEO Hanan Friedman has launched a public campaign against Meta, the parent company of Facebook, accusing the social media giant of profiting from fraudulent advertisements that target Israeli users. Friedman asserted on the social media platform X that Facebook earns substantial revenue from deceptive ads that impersonate well-known individuals and financial institutions, including Bank Leumi.
3 newsrooms · 2 languages · since
What happened
- 01Bank Leumi CEO Hanan Friedman accused Meta of profiting from fraudulent ads targeting Israelis.
- 02Bank Leumi filed a NIS 26.6 million lawsuit against Meta in August 2026 over the deceptive advertisements.
- 03Friedman claimed Meta intentionally allows scams to continue because they generate substantial advertising revenue.
- 04Bank Leumi estimates that fraud from these impersonation ads has reached NIS 140 million.
- 05Journalist Shaul Amsterdamski and investment specialist Tamir Mandobsky had their identities stolen in the scams.
- 06Tamir Mandobsky offered to join Bank Leumi as a plaintiff in the ongoing legal battle against Meta.
- 07Bank Leumi is demanding that Meta implement stricter advertiser verification and pre-screening of ads.
According to the reports, Bank Leumi filed a NIS 26.6 million lawsuit against Meta in August 2026, alleging that the platform allows fraudulent sponsored ads that cause financial damage to its customers. Friedman stated that Meta has no incentive to stop these scams because they generate advertising revenue, calling the practice a deliberate business strategy rather than an oversight.
The public campaign was prompted by a complaint from journalist Shaul Amsterdamski, whose identity was used in ads promoting fake stock investments. Investment specialist Tamir Mandobsky, who was also targeted by impersonation scams, has offered to join the legal battle as a plaintiff. Bank Leumi estimates that fraud from these ads has reached NIS 140 million, though the bank prevented NIS 84 million in losses. The bank is seeking stricter advertiser verification and pre-screening of ads from Meta.
Summarized by baba from the reports of 3 newsrooms. Updated
Latest report: Calcalist. Read Calcalist’s originalThe coverage
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