"A new investigative report from Reuters, citing Meta's own internal documents, found that the company's platforms show, on average, an estimated 15 billion "higher risk" scam advertisements to its users every day. Reuters reported that a 2024 document showed that Meta makes about "$7 billion in annualized revenue" from those scam ads each year. The internal documents revealed by Reuters show that Meta expected as much as 10 percent of its 2024 ad revenue "would come from ads for scams and banned goods.""
""A cache of previously unreported documents reviewed by Reuters also shows that the social-media giant for at least three years failed to identify and stop an avalanche of ads that exposed Facebook, Instagram and WhatsApp's billions of users to fraudulent e-commerce and investment schemes, illegal online casinos, and the sale of banned medical products.""
"Scammy ads have become a routine part of online life, and Mashable has reported on fraudulent Facebook ads repeatedly over the years. You might see a Facebook ad for an AI-powered photo editor and download malware. Or y ou might see one for Joann fabrics - except that, too, is a scam. The new report suggests this is actually a lucrative portion of Meta's advertising business."
Internal Meta documents indicate the company's platforms display an estimated 15 billion higher-risk scam advertisements to users every day and that those scam ads generate roughly $7 billion in annualized revenue. The documents estimate that up to 10 percent of 2024 ad revenue could come from ads promoting scams and banned goods. The files show a multi-year failure to identify and halt a large volume of ads exposing Facebook, Instagram, and WhatsApp users to fraudulent e-commerce offers, investment scams, illegal online casinos, and banned medical products. Routine scam ads include fake AI-powered apps and counterfeit storefronts that can deliver malware. Automated enforcement is relied upon for advertiser bans.
Read at Mashable
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