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Meta announces new regulations for financial advertisers in response to deepfake celebrity scam pressure


Meta has taken steps to address the issue of deep fake images of public figures and celebrities being used in scams by introducing new advertising rules to crack down on scammers. These scams typically involve using images of famous individuals generated by AI to trick consumers into fake investment schemes. In response to pressure, Meta removed 8,000 celebrity-bait ads from Facebook and Instagram in October. The company plans to tighten requirements for ads promoting financial services, with verified advertisers needing to include payer and beneficiary information in their ads. The changes will start rolling out to advertisers in the next month, with full implementation by February 2025.

These deep fake scams have been a significant issue, with Scamwatch recording over 5,700 investment scams totaling more than $135 million in losses between January and September 2024, with a quarter of these being serviced through social media. To combat this, Meta has also begun trials of facial recognition technology in ads to detect fake celebrity endorsements.

Banks have welcomed Meta’s new verification process as a step in the right direction, with Westpac executive Carolyn McCann praising the announcement as a start to making social media platforms scam-free. The introduction of financial advertiser verification is seen as an important step towards protecting consumers from sophisticated scammers impersonating legitimate financial institutions. Ultimately, a united response and continued investment in anti-scam measures are seen as key to putting these criminals out of business.

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Photo credit www.abc.net.au

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