Fraudulent advertising: Israeli bank decides to punish Meta
Bank Leumi has filed a lawsuit against Meta for 26 million shekels over fraudulent ads using the bank's brand. In July, 243 fraud incidents were detected, exceeding figures for the first half of the year. The bank prevented damages of 9.2 million shekels and holds Meta's platforms responsible.
Israeli bank Leumi has filed an official lawsuit against Meta for 26 million shekels. The cause is numerous fraudulent posts on Meta's platforms that illegally use the bank's logos and symbols. Scammers promise users quick profits and payouts, extracting confidential data and account details. The lawsuit emphasizes that Meta derives direct financial benefit from showing such ads without blocking them, despite having the tools to do so. The catalyst was an abnormal surge in fraud in July: the bank's security services identified 243 incidents in one month, exceeding the statistics for the entire first half of 2026. The bank managed to prevent 9.2 million shekels in damages to clients. The article also mentions that in 2025, Reuters reported on internal Meta documents indicating that about 10% of the company's 2024 revenue (approximately $16 billion) came from promoting fraudulent content. Meta representatives traditionally claim to fight fraudsters, but have not yet commented on the new lawsuit.