Internal documents from Meta show it has deliberately avoided being required by regulators to verify all advertisers on its platforms to weed out scams. Meta, which owns Facebook and Instagram, has been found to earn large revenues from fraudulent advertisers.
Full story: https://www.rappler.com/technology/features/meta-playbook-scammer-crackdown/
00:00Internal documents from Meta show it has deliberately avoided being required by regulators to verify all advertisers on its platforms to weed out scams.
00:10Meta, which owns Facebook and Instagram, has been found to earn large revenues from fraudulent advertisers.
00:16The documents reviewed by the Reuters news agency reveal the social media giant on several locations opted not to run and spend on efforts that could have significantly decreased fraudulent advertising.
00:26Instead, it has focused on delaying action from state regulators by making efforts that only lessen the appearance of scams on its platforms.
00:33For instance, Meta team scrubbed its ad library database for scammers when it came under scrutiny from Japanese authorities.
00:39It then recommended this so-called playbook to its operations in other countries as an effective way to avoid having to verify all advertisers.
00:47This despite the fact that Meta was able to comply when Taiwan and Singapore required it to do so.
00:51Meta then reportedly recovered financial losses from such moves by redistributing banned ads to other locations with lower safeguards.
00:59The documents show Meta has refused to spend the $2 billion universal verification would cost, despite earning over $164 billion last year.
01:07They also show Meta is aware that the majority of scam ads on its platforms come from unverified users.
01:13A spokesperson for Meta denied these allegations and said the company works earnestly to weed out scams and other harmful advertisements.
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