Under twin changes, advertisers on Meta will be required to reveal who is paying for the ads and who benefits from them.
The parent company of Facebook and Instagram announced plans to tighten requirements for ads promoting financial services, including loans, credit cards and investments. It comes as the federal government proposes a new digital competition regime for big tech to protect consumers and bolster competition after it imposed a world-first social media age limit .
Digital Industry Group Inc managing director Sunita Bose said the industry-funded body's online scams code, which Meta is signed up to, commits platforms to verifying advertisers. "Meta's introduction of financial advertiser verification is a welcome boost in defences for Australian consumers against the criminal scammers who seek to exploit these services," Bose said.
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