December 1, 2024 – 10:07 AM PST
SYDNEY (Reuters) – Instagram and Facebook-owner Meta Platforms (META.O) said on Monday it had introduced stricter rules for advertisers of financial products and services targeting Australians, in a bid to crack down on scams on the social media platforms.
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The move comes after Meta in October said it took down 8,000 so-called “celeb bait” ads, as part of an effort with Australian banks to curb the scams that use images of famous people to trick consumers into giving money to fake investment schemes.
Advertisers will now be required to verify their beneficiary and payer information, including their Australian Financial Services License number before they can run financial services advertisements, Meta said.
“The introduction of financial advertiser verification is an…
