Meta, previously known as Facebook, has announced new advertising rules to combat deep fake images of public figures and celebrities being used in investment scams. These scams, often generated by artificial intelligence, trick consumers into giving money to fake investment schemes. Meta has taken down 8,000 celebrity-bait ads from Facebook and Instagram, and now plans to tighten requirements for ads promoting financial services.
Scammers create lifelike impersonations of celebrities using AI to promote fake investment platforms and convince victims to sign up and deposit funds. Assistant Treasurer Stephen Jones has criticized Meta for not doing enough to stop scammers on its platforms.
Verified financial services ads on Meta will now need to include payer and beneficiary information in a disclaimer visible to users. The changes will be rolled out to advertisers over the next month, with full implementation by February 2025. Banks, such as Westpac, welcome these new verification processes as a step towards making social media platforms scam-free.
The National Anti-Scam Centre has seen a significant number of investment scams reported, totaling over $135 million in losses between January and September 2024. The Centre has also received over 400 reports of scams, with social media being a popular medium for scammers.
Meta’s efforts to combat financial scams and deep fake images have been met with cautious approval from both consumers and financial institutions, who hope that these new measures will help protect Australians from falling victim to online scams.
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Photo credit www.abc.net.au