• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Stock

Meta tightens ad rules to curb financial scams aimed at Australians

by December 1, 2024
written by December 1, 2024

SYDNEY (Reuters) – Instagram and Facebook-owner Meta Platforms (NASDAQ:META) 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.

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 important additional step towards protecting people in Australia from these sophisticated scammers, Meta ANZ managing director Will Easton said in a statement.

Once advertisers are verified, they will have to include their payer and beneficiary information in their ads, which will show up in a “Paid for By” disclaimer after the ad is approved, the company said.

Last month, Australia’s centre-left government dropped plans to fine internet platforms up to 5% of their global revenue for failing to prevent the spread of misinformation online.

The bill was part of a wide-ranging regulatory crackdown by Canberra, where leaders have complained that foreign-domiciled tech platforms are overriding the country’s sovereignty, and comes ahead of a federal election due within a year.

Australia this week approved a landmark law banning social media for children under 16.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Disney’s ‘Moana 2’ sets Thanksgiving weekend box office record
next post
Stellantis CEO Carlos Tavares resigns

You may also like

BASF results down on impairments, restructuring

January 27, 2025

European chipmakers slump as traders gauge DeepSeek AI...

January 27, 2025

Nasdaq futures tumble as China’s AI push rattles...

January 27, 2025

China Vanke’s CEO, chairman resign amid growing liquidity...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

Italy’s MPS shares fall ahead of Mediobanca board...

January 27, 2025

British Land stock drops following stake sale

January 27, 2025

UMG shares rally after new multi-year pact with...

January 27, 2025

BASF shares indicated 3% lower as impairments drag...

January 27, 2025

Ryanair cuts 2026 traffic forecast amid ongoing Boeing...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks

      June 26, 2025
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

      June 26, 2025
    • Bumble shares jump 26% as dating company plans to axe 30% of workforce

      June 26, 2025
    • Small-business AI use is lagging, but one firm is channeling Sherlock Holmes and knocking out ‘grunt work’

      June 25, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (534)
    • Stock (6,426)

    Latest News

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

    Popular News

    • Analysis-UK’s Reeves struggles to find ways out of market slump
    • Lender Banco do Brasil posts 8% profit increase, higher loan-loss outlook

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy