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 showed that the company estimated it displays $15 billion higher-risk scam advertisements to users every day.
00:38Here are a few examples from Reuters.
00:40A fake Elon Musk partnership with an investment management company.
00:44A 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.
01:01Fake 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,
01:29The Senators say if the FTC and SEC can verify the Reuters report, Meta should be forced to give up all profits from those ads, pay civil penalties, hold individual executives accountable, and enter into a binding agreement that would require the company.
01:59To end scam ads.
02:01I'm Ray Bogan for Straight Hour News.
02:03For more unbiased reporting straight from our nation's capital, download the SAN app.
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