Facebook and Meta Love the Scams
Meta projected that it would earn about 10% of its overall annual revenue from running advertising for fraudulent scams, internal documents show. A review by Reuters shows that the social-media giant failed for at least three years to identify and stop ads that were shown to billions of people.
Internal documents reveal that Meta, the parent company of Facebook, Instagram, and WhatsApp, has been earning billions from fraudulent ads, exposing users to scams and illegal activities. Despite internal estimates suggesting 10% of annual revenue came from such ads, Meta has been slow to act, only banning advertisers if they are 95% certain of fraud. The company has reduced scam ad reports by 58% in the past 18 months but still faces criticism for its lenient approach to ad enforcement, with some accounts accruing hundreds of strikes before being shut down.
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