Facebook Takes Down 8,000 Investment Scam Ads to Cooperate Anti-Scam Initiative in Australia

Meta has taken down about 8,000 ads that used celebrity images on Facebook to commit online scams. The fake photos and videos generated by artificial intelligence technology lure investors into fraudulent investment schemes.

Since April of this year, Meta has received 102 reports from the Australian Financial Crimes Exchange and has taken down the relevant scam ads.

The Australian Financial Crimes Exchange is an intelligence-sharing body operated by local banks in Australia.

Investment fraud ads on social media are troubling people globally. 58% of cryptocurrency ads on Facebook are considered potential scams. In Australia, however, social media giant Meta is under pressure from the local government to take actions against the scams.

The Australian government plans to introduce a new anti-scam regulation by the end of this year. Social media, financial and communications companies that fail to meet the obligations in the fight against fraud could face fines of A$50 million.

In 2022, the Australian Competition and Consumer Commission (ACCC) sued Meta to stop spreading cryptocurrency ads that used celebrity images.

Australian entrepreneur Andrew Forrest also accused Meta of letting fake cryptocurrency ads that stole his image spread on its platform, and as a result took the company to court in the United States.