Bank Leumi CEO Hanan Friedman Slams Facebook Over Financial Scams

Bank Leumi CEO Hanan Friedman has launched a sharp public attack against Facebook over the proliferation of fake accounts and fraudulent ads exploiting the identities of public figures and financial institutions. Friedman, who has recently become active on the X platform, stated that the phenomenon should not be tolerated and offered financial assistance for the ongoing legal fight against the tech giant.

The Lawsuit and Accusations

Friedman wrote that Facebook reaps massive profits from fraudulent advertisements targeting innocent citizens, often impersonating well-known figures like Shaul or financial entities such as Bank Leumi. He emphasized that regulators and the media must realize that Facebook profits directly from these scams, claiming the inaction is intentional rather than a technical glitch.

Facebook is getting rich off stealing from Israelis. Just like that. That's why they aren't stopping it. It's not a bug, it's a feature. That is why Bank Leumi sued Facebook. The lawsuit is currently underway. We will not let it go.

Expanding the Legal Battle

Following Friedman's statements, prominent investment guru Tamir Mandovski joined the conversation, noting that he suffers equally from identity impersonation and asking to join the lawsuit as a co-plaintiff. Friedman welcomed the support, demonstrating a willingness to scale up the financial and legal pressure on the social media platform.

• Bank Leumi CEO: Hanan Friedman

• Target of criticism: Meta / Facebook

• Key issue: Impersonation scams and fraudulent ads

Friedman concluded that preventing these scams is entirely feasible, but companies like Facebook choose profit over security, refusing to implement basic barriers that would hurt their advertising revenues.