The social media giant has faced mounting calls to improve ad verification after a probe by this masthead revealed it had been accepting money from obvious scammers.
Social media giant Meta has promised to introduce tighter rules on advertisers to tackle scam ads targeting Australians on Facebook and Instagram.Most of the advertisers behind the scam ads were clearly not legitimate investment companies, such as a page listed as a women’s clothing shop in Ukraine. Many were pages with only a handful of likes. Some of the ads featured manipulated videos of Prime Minister Anthony Albanese.
Advertisers will have to verify which company the ad is for, who is paying for it and who the beneficiary is. This information will be available to social media users seeing the ad. Those selling insurance products, mortgages, loans, investment products and opportunities and credit cards to Australians are among those who will face the new verification rules.
Financial Services Minister Stephen Jones and advocates have already repeatedly called for Meta to act ahead of the promised law changes by significantly improving its advertiser verification.
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