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Meta, Australian banks tout progress on taking down 'celeb bait' scam ads

Economic Times · 1m

1. Meta has taken down around 8,000 celebrity bait scam ads from Facebook and Instagram in collaboration with Australian banks. 2. The scams use AI-generated images of famous people to deceive consumers into investing in fictitious schemes. 3. The Australian government plans to introduce an anti-scam law which could impose fines of up to A$50 million on social media companies like Meta. 4. In 2023, Australian scam reports increased by nearly one-fifth, resulting in losses of A$2.7 billion. 5. Meta is facing a lawsuit in Australia for allegedly failing to prevent the dissemination of cryptocurrency advertisements featuring celebrities. 6. Meta is working with Australian banks to identify signs of fraud and scams within ads, while their stance on the proposed anti-scam law is still under consideration.