Meta, Australian banks tout progress on taking down 'celeb bait' scam ads
Roughly 8000 celeb-bait scams taken down from Facebook, Instagram
Australia plans new anti-scam law with hefty fines for firms that don't take action
Meta is being sued by mining billionaire Forrest over scam ads
By Byron Kaye
SYDNEY, Oct 2 (Reuters) -Meta META.O said it has taken down some 8,000 so-called "celeb bait" scam ads from Facebook and Instagram as part of a new effort with Australian banks to curb the practice.
The scams use images of famous people, often generated by artificial intelligence, to trick consumers into giving money to non-existent investment schemes.
The U.S. social media giant said it took down the scam ads after receiving 102 reports since April from the Australian Financial Crimes Exchange, an intelligence-sharing body run by the country's main banks.
Such scams are a global problem, but Meta is under heightened pressure to tackle the issue in Australia with Prime Minister Anthony Albanese's government planning to introduce an anti-scam law by the end of the year.
The bill proposes A$50 million ($34 million) fines for social media, financial and telecommunications companies which fail to meet their obligations to crack down on the practice. A public consultation closes on Oct. 4.
Australian scam reports jumped by nearly one-fifth in 2023, with losses totalling A$2.7 billion, according to the Australian Competition and Consumer Commission.
The commission accused Meta in a 2022 lawsuit of failing to stop the dissemination of cryptocurrency advertisements that used images of celebrities like Mel Gibson, Russell Crowe and Nicole Kidman. It estimated that 58% of cryptocurrency advertisements on Facebook were possible scams.
Meta is fighting the lawsuit which is yet to go to hearings.
The company is also defending a separate civil lawsuit in California brought by Australian mining billionaire Andrew Forrest who accuses Meta of enabling the publication of thousands of bogus cryptocurrency advertisements on Facebook displaying his face. Forrest says Australians continue to lose money to the scams that he began warning Meta about in 2019.
David Agranovich, Meta's director of threat disruption, told a media briefing that the effort with Australian banks was still in its early stages.
"What we find promising is that a small amount of high-value signals can help us identify much wider fraud and scam activity," he said, referring to indications within ads about potentially inauthentic content.
Asked about Meta's view on Australia's proposed anti-scam code, Agranovich said the company was still working through the draft legislation. "I expect we'll have more to share specifically on that later," he added.
Rhonda Luo, head of strategy and engagement at the Australian Financial Crimes Exchange said industry initiatives "are really important to get ahead of the curve on scams, rather than wait for regulation to come in and have effect".
($1 = 1.4535 Australian dollars)
Reporting by Byron Kaye; Editing by Edwina Gibbs
Últimas noticias
Descargo de responsabilidades: Cada una de las entidades de XM Group proporciona un servicio de solo ejecución y acceso a nuestra plataforma de trading online, permitiendo a una persona ver o usar el contenido disponible en o a través del sitio web, sin intención de cambiarlo ni ampliarlo. Dicho acceso y uso están sujetos en todo momento a: (i) Términos y Condiciones; (ii) Advertencias de riesgo; y (iii) Descargo completo de responsabilidades. Por lo tanto, dicho contenido se proporciona exclusivamente como información general. En particular, por favor tenga en cuenta que, los contenidos de nuestra plataforma de trading online no son ni solicitud ni una oferta para entrar a realizar transacciones en los mercados financieros. Operar en cualquier mercado financiero implica un nivel de riesgo significativo para su capital.
Todo el material publicado en nuestra plataforma de trading online tiene únicamente fines educativos/informativos y no contiene –y no debe considerarse que contenga– asesoramiento ni recomendaciones financieras, tributarias o de inversión, ni un registro de nuestros precios de trading, ni una oferta ni solicitud de transacción con instrumentos financieros ni promociones financieras no solicitadas.
Cualquier contenido de terceros, así como el contenido preparado por XM, como por ejemplo opiniones, noticias, investigaciones, análisis, precios, otras informaciones o enlaces a sitios de terceros que figuran en este sitio web se proporcionan “tal cual”, como comentarios generales del mercado y no constituyen un asesoramiento en materia de inversión. En la medida en que cualquier contenido se interprete como investigación de inversión, usted debe tener en cuenta y aceptar que dicho contenido no fue concebido ni elaborado de acuerdo con los requisitos legales diseñados para promover la independencia en materia de investigación de inversiones y, por tanto, se considera como una comunicación comercial en virtud de las leyes y regulaciones pertinentes. Por favor, asegúrese de haber leído y comprendido nuestro Aviso sobre investigación de inversión no independiente y advertencia de riesgo en relación con la información anterior, al que se puede acceder aquí.
