Meta Cracks Down on Financial Scams with New Ad Regulations in Australia

Meta Platforms, the owner of Instagram and Facebook, announced on Monday that it has implemented stricter regulations for advertisers promoting financial products and services in Australia to combat scams on its platforms.

This decision follows Meta's removal of 8,000 "celeb bait" ads in October, as part of a collaboration with Australian banks to address scams using celebrity images to deceive users into investing in fraudulent schemes.

Under the new rules, advertisers must now verify their beneficiary and payer information, including their Australian Financial Services License number, before being allowed to run financial services ads. Meta’s ANZ managing director, Will Easton, emphasized that the introduction of financial advertiser verification is a crucial step in protecting Australians from scammers.

Once verified, advertisers will be required to display payer and beneficiary information in their ads, which will appear under a "Paid for By" disclaimer after approval.

Meanwhile, Australia's government recently abandoned a proposal to fine internet platforms up to 5% of their global revenue for failing to curb the spread of misinformation. This move is part of a broader regulatory effort, as Australian leaders express concerns about foreign tech platforms undermining national sovereignty, especially with an upcoming federal election.

Additionally, Australia has recently passed a groundbreaking law banning social media use for children under 16.

Paraphrasing text from "Reuters" all rights reserved by the original author.