Meta Strengthens Advertising Regulations to Combat Financial Scams Targeting Australians – One America News Network
December 1, 2024 – 10:07 AM PST
SYDNEY (Reuters) – On Monday, Meta Platforms (META.O), the parent company of Instagram and Facebook, announced the implementation of stricter regulations for advertisers of financial products and services aimed at Australians. This initiative is designed to mitigate the prevalence of scams across their social media platforms.
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This decision follows Meta’s October disclosure that it had removed 8,000 “celeb bait” advertisements, as part of a cooperative effort with Australian banks to combat scams that exploit images of celebrities to deceive consumers into investing in fraudulent schemes.
Under the new policy, advertisers must now authenticate their beneficiary and payer details, which includes their Australian Financial Services License number, prior to launching any advertisements related to financial services, according to Meta.
“The introduction of financial advertiser verification is a crucial step towards safeguarding Australians from sophisticated scams,” Meta’s ANZ managing director Will Easton stated in a press release.
After undergoing verification, advertisers will be mandated to present their payer and beneficiary details in their ads, which will be displayed as a “Paid for By” disclaimer post-approval, the company noted.
Last month, Australia’s center-left government abandoned proposals to penalize internet platforms with fines of up to 5% of their global revenue for failing to curb the proliferation of misinformation online.
This bill was among a comprehensive regulatory initiative introduced by Canberra, which has been vocal about foreign-based tech companies infringing upon Australia’s sovereignty, coinciding with an impending federal election within the year.
This week, Australia also authorized a significant law prohibiting social media access for children under the age of 16.
Reporting by Sam McKeith in Sydney; Editing by Sonali Paul
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