Meta tightens ad rules to curb scams in Australia

(CLO) On December 2, Meta, the owner of Instagram and Facebook, announced that it will apply stricter regulations to advertisers of financial products and services targeting Australians, aiming to prevent scams on social networks.

Meta said advertisers will be required to verify payer and beneficiary information, including Australian Financial Services Licence numbers, before financial ads are allowed to run on the platform.

“The rollout of financial advertiser verification is a major step forward in protecting Australians from sophisticated scammers,” Meta ANZ chief executive Will Easton said in a statement.

Illustration photo: Reuters

The move comes after Meta said it removed 8,000 "celebrity bait" ads in October, as part of a partnership with Australian banks to reduce scams that use celebrity images to trick consumers into fake investment schemes.

The company also announced that once an ad is verified, advertisers will be required to add payer and payee information to the ad, and this information will be displayed with the words “Paid for by” once the ad is approved.

Last month, Australia’s centre-left government scrapped plans to fine internet platforms up to 5% of their global revenue if they failed to stop the spread of misinformation online. The bill was part of a crackdown on Australian tech regulation and was introduced ahead of a federal election due in a year.

Australia has also passed a landmark law banning children under 16 from using social media.

Ngoc Anh (according to Reuters)

Source: https://www.congluan.vn/meta-that-chat-quy-tac-quang-cao-de-han-che-lua-dao-o-uc-post323829.html