Competition watchdog the ACCC turns its attention to how companies use social media

The impact of scams and the risk of being exposed to misleading or deceptive content from companies via social media is also on the hit list.

In March of this year, the ACCC, along with Andrew Forrest, sued Facebook over celebrity advertising scams.

Australians lost more than $144 million to social media scams last year, nearly double that of 2020.

ACCC Chair Gina Cass-Gottlieb said social media has become an essential tool for many businesses.

“We want to hear from businesses and consumers about their experiences with social media services, including Facebook, Instagram, Twitter, TikTok and Snapchat. We hope to examine trends in user preferences and engagement over time and how users choose social media services,” she said.

“We would also like to receive feedback on the barriers to entry and expansion for social media services in Australia, and whether new entrants like TikTok have changed the competitive landscape for social media services in Australia.

The ACCC is also seeking opinions on the use and misuse of social media services for scams and misleading or deceptive content.

Entries can be submitted by September 9 to [email protected].

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