Meta must rein in scammers — or face consequences
TL;DR
Meta reportedly profits billions from scam ads on its platforms, with 15 billion daily ads promoting frauds. Despite internal knowledge, the company has not acted sufficiently, risking consequences.
Meta, the largest social media company in the world, knowingly makes billions from scam ads, recent reporting on the company says. According to internal documents revealed by Reuters, users of Facebook, Instagram, and WhatsApp see 15 billion ads a day promoting scams, from fake Trump stimulus checks to deepfakes of Elon Musk hawking cryptocurrency. The company reportedly knows this; Reuters said that its own trust and safety team estimated that one-third of scams in the US involved a Meta platform. So why hasn't Meta done more? Perhaps because these ads are apparently highly profitable, to the tune of $7 billion US or more a year.
Scams ar …