Australian authorities are aware that there are many incidents of scams using celebrity identities in their country that cause hundreds of millions of dollars in losses. Therefore starting in 2025, companies that want to advertise financial-based services on Meta are required to verify their identity first using a company registration license. That said, what should you know about it?
For your information, this license will then be validated by the Australian Securities Investments Commission. If celebrity ambassadors are used for advertising, identity verification and authorization documents are also required. The new system will come into effect in February 2025 and is expected to prevent incidents of Australian Prime Ministers and celebrities being used to commit online fraud using Meta's platform.
This would make Australia the third country after the UK and Taiwan to require identity verification before advertising financial products can take place. With the same problem also happening in Malaysia, maybe it's time for the local authorities to issue similar instructions to Meta in Malaysia.
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