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00:02The Consumer Federation of America filed a class-action complaint against Meta platforms,
00:07alleging the company profited from scam advertising and misled users about its efforts to address the issue, according to Reuters.
00:14The complaint, filed in Washington, D.C. Superior Court, cites internal documents showing Meta displayed 15 billion higher-risk scam
00:22ads daily
00:22and generated about $7 billion in annual revenue from them.
00:26Internal projections estimated scam and banned goods ads could account for $16 billion or 10% of revenue.
00:33The complaint alleges Meta downplayed risks and allowed partners in China to resell ads through agency accounts that facilitated fraud.
00:40Meta said the allegations misrepresent its work and said it is expanding advertiser verification measures.
00:46For all things money, visit Benzinga.com.
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