Meta battles scam ads in Australia
Australian banks and Meta work together to identify fraud before new regulations take effect.
Meta and Australian banks have worked together to remove 8,000 fraudulent ‘celeb bait’ advertisements from Facebook and Instagram. The scams, often using AI-generated images of celebrities, deceive users into investing in fake schemes. Australian banks flagged 102 such cases since April.
The rise in these scams has led Australia to draft a new anti-scam law, which could impose fines of up to A$50 million on companies that fail to combat online fraud. Reports in 2023 show that Australians lost a staggering A$2.7 billion to various scams.
Meta is currently facing legal challenges in Australia, including a lawsuit for allowing cryptocurrency ads featuring celebrities like Russell Crowe and Nicole Kidman. Despite these issues, Meta continues its efforts to fight fraudulent ads.
Meta, alongside Australian banks, believes that early signs within ads could help detect wider scam activity. The company is reviewing Australia’s draft legislation, signalling a continued focus on anti-scam measures in the future.