According to Reuters, Meta is aware that they are generating high revenue through fraudulent ads but is not serious about cracking down on them. So, what should you know about it?
A really huge amount is floating around the net
Based on the documents revealed by Reuters, Meta is expected to generate USD18 billion (~RM73.6 billion) in China by 2024 from advertising on Facebook, Instagram and WhatsApp. Of this, Meta estimates around USD3 billion (~RM12.3 billion) will be generated from ads for scams, illegal gambling, pornography and other banned content.
In Meta’s own investigation, around 25% of scam ads and banned products originated in China. A special team was formed to reduce the impact of these ads on consumers. But later, China’s ad enforcement team was “requested to temporarily suspend” its work.
Meta then disbanded its China-focused anti-fraud team. It also lifted a freeze on new Chinese ad agencies from accessing its platform. In another document, Meta suspended new anti-fraud measures that were effective in internal testing.
In a statement to Reuters, Meta said the task force had been fighting fraud from China since its inception and was only formed for a short period of time. It also denied claims that Zuckerberg had ordered its dissolution, but instead called on the anti-fraud team to redouble its efforts globally and not just in China.
Stay tuned to TechNave.com for more updates.
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