Meta Tightens Advertising Rules To Prevent Financial Fraud In Australia

Meta Platforms, parent company Instagram and Facebook (photo: x @NathanCroth)

JAKARTA Meta Platforms, parent company Instagram and Facebook, introduced stricter rules for financial product and service advertisers targeting users in Australia. This step was taken to suppress the rise of fraud on the social media platform.

Meta announced that advertisers are now required to verify recipient and payer information, including the Australian Financial Services License (AFSL) number, before being able to run financial service ads. "This financial advertiser verification is an important step to protect Australians from advanced fraud," said Will Easton, Managing Director of Meta ANZ.

The move follows Meta's efforts last October, in which the company managed to remove more than 8,000 celebrity-themed fraudulent advertisements used to trick consumers into investing in fake schemes.

Once advertisers are verified, they should include recipient and payer information in their ads, which will be featured in the "Paid for By" disclaimer once the ads are approved.

The announcement comes amid a move by the Australian government to cancel plans to impose fines of up to 5% of global revenue for internet platforms that fail to prevent the spread of online misinformation.

In addition, Australia has also recently passed an important law prohibiting children under the age of 16 from using social media.

These steps show the serious efforts of governments and technology companies in protecting the public from the negative impact of the digital world.

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