Meta has taken down about 8,000 "celeb bait" scam ads from Facebook and Instagram as part of a collaboration with Australian banks to combat fraudulent schemes.
These scams often employ AI-generated images of celebrities to deceive consumers into investing in fake schemes. Meta's action follows 102 reports from the Australian Financial Crimes Exchange.
Scams are a global issue, yet pressure is mounting on Meta in Australia, especially as the government pushes for new anti-scam legislation with severe fines.
In 2023, Australian scam reports increased by nearly 20%, leading to losses of A$2.7 billion, with allegations that Meta did not adequately curb such advertisements.
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