Bank Leumi CEO Backs Lawsuit Against Facebook Over Financial Scams
Financial journalist Shaul Amsterdamski exposed a fake Facebook profile promoting fraudulent investments. Bank Leumi CEO Hanan Friedman joined the outcry, highlighting an ongoing lawsuit against the platform for profiting from financial scams.
A fake Facebook profile using the identity of financial journalist Shaul Amsterdamski has been circulating online, promoting fraudulent investment portfolios. A viral screenshot showed a fake portfolio valued at over 3,158,431 NIS, claiming a profit of 553,019 NIS. Amsterdamski strongly denied the authenticity of the images, dismissing them as cheap Photoshop manipulation and criticizing Meta's failure to curb impersonation scams.
Bank Leumi CEO Joins the Fight
The fraudulent ads caught the attention of Bank Leumi CEO Hanan Friedman, who publicly slammed social media giants for profiting from financial scams. Friedman pointed out that Bank Leumi is currently suing Facebook in the Tel Aviv District Court over similar impersonation campaigns that target well-known figures and financial institutions.
Shaul, as much as it is possible to add victims like you to the lawsuit, I am in. There is a fraud scheme here that Facebook profits a fortune from, Friedman wrote.
Growing List of Victims
Following the public exchange, prominent investment expert Tamir Mendovski also reported falling victim to continuous identity theft on social media. Mendovski reached out to Friedman directly, asking to join the ongoing legal battle against the platform.
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Fake profiles use trusted names to lure victims.
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Bank Leumi's lawsuit is handled by Judge Noa Grossman in the Tel Aviv District Court.
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Experts urge tighter regulation on digital advertising.
Friedman emphasized that the tech giant refuses to effectively stop the phenomenon because fraudulent ads generate substantial revenue, calling it a feature rather than a bug.
