This enabled businesses to choose whether their debit transactions were processed by Visa, Mastercard or eftpos, with eftpos often being the cheapest option. Mastercard's alleged anti-competitive conduct commenced in late 2017 in the context of the Reserve Bank of Australia's "least cost routing" initiative, aimed to increase competition in the supply of debit card acceptance services and reduce payment costs for businesses by allowing them to choose the lowest cost network to process their transactions. The consumer watchdog said in a statement that it has instituted proceedings against Mastercard Asia/Pacific Pte Ltd and Mastercard Asia/Pacific (Australia) Pty Ltd.
The ACCC, which is seeking financial penalties, said it was given temporary powers to file the lawsuit.įacebook earlier this week announced a programme to help train Australian political candidates and influencers on cyber security to stop the spread of potential misinformation during campaigning for the country's upcoming federal election.The Australian Competition and Consumer Commission (ACCC) on Monday started legal proceedings in the Federal Court against Mastercard for allegedly stifling competition in the supply of debit card acceptance services. The corporate regulator, the Australian Securities and Investments Commission (ASIC), usually handles financial fraud complaints against companies. this is disgraceful," Sims said.Īustralian iron ore magnate Andrew Forrest, chairman of Fortescue Metals Group (FMG.AX), launched criminal proceedings against Facebook last month over scam ads, including ones using his image to promote cryptocurrency schemes. "We are aware of a consumer who lost more than A$650,000 ($480,000) due to one of these scams. Users who signed up were contacted by scammers to convince them to deposit funds into the fake schemes, the regulator said.
The ACCC said the ads used images of several Australian business leaders, TV hosts and politicians and contained links to fake media articles that included quotes attributed to the personalities. "We will review the recent filing by the ACCC and intend to defend the proceedings," a Meta spokesperson said in an emailed statement, declining to comment further as the case was before court. Meta said any ads that scammed people out of money or misled users violated its policies and the company uses technology to detect and block such posts, adding it had "cooperated with the ACCC's investigation into this matter to date."
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