00:00Meta, which owns Facebook and Instagram, will make billions of dollars off of scam advertisements this year, and they know it.
00:07Now, two U.S. senators are calling for the FTC and SEC to investigate whether the company is facilitating and profiting from criminal and fraudulent activity.
00:17Earlier this month, a Reuters investigation found internal metadocuments that showed the company expected to earn up to $16 billion in 2024 running advertisements for scams or banned goods.
00:31The documents also show that the company estimated it displays 15 billion higher-risk scam advertisements to users every day.
00:38Here are a few examples from Reuters, a fake Elon Musk partnership with an investment management company, a fake President Trump claiming to give $710 in government benefits to all Americans,
00:50and even a fake legal advertisement directed at those who fell for fake scams claiming they can help you get your money back.
00:58These ads are good examples of what people often see, fake government benefit schemes, criminal investment scams, and even deepfake pornography.
01:06Meta spokesperson Andy Stone said Reuters' report distorts the company's approach to scams and fraud.
01:12Stone said,
01:13We aggressively fight fraud and scams because people on our platforms don't want this content, legitimate advertisers don't want it, and we don't want it either.
01:22That answer wasn't good enough for Senators Richard Blumenthal and Josh Hawley, who are now calling for the investigation.
01:28They wrote,
01:29Meta's central facilitating role in scams against consumers is unprecedented.
01:35By its own employee's assessment, Meta was involved in one-third of all successful scams in the U.S.
01:40and was unmatched by other big tech platforms.
01:44The Senators say if the FTC and SEC can verify the Reuters report,
01:49Meta should be forced to give up all profits from those ads,
01:52pay civil penalties,
01:54hold individual executives accountable,
01:56and enter into a binding agreement that would require the company to end scam ads.
02:01I'm Ray Bogan for Straight Hour News.
02:03For more unbiased reporting straight from our nation's capital,
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