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Meta Platforms has introduced stricter advertising rules for financial services in Australia to combat scams, requiring advertisers to verify their credentials.

Meta Platforms, the parent company of Facebook and Instagram, has announced new stringent advertising rules aimed at curbing financial scams targeting Australians. This move comes as part of a broader effort to protect consumers from fraudulent schemes that have proliferated on social media platforms. The new regulations require advertisers of financial products and services to verify their credentials, including their Australian Financial Services License number, before they can run ads on Meta's platforms. This initiative is a response to the rising number of scams using deepfake images of celebrities to promote fake investment schemes. In October, Meta reported taking down 8,000 such 'celeb bait' ads. The verification process will include displaying payer and beneficiary information in a "Paid for By" disclaimer on approved ads. This measure is expected to roll out by February 2025. The Australian government has also been active in regulating digital platforms, proposing fines for non-compliance with misinformation prevention and introducing a social media age limit. Meta's actions have been welcomed by financial institutions like Westpac, which have been affected by these scams. The company is also facing legal challenges from figures like Andrew Forrest and the Australian Competition and Consumer Commission for its handling of scam ads. These new rules are part of a global effort by Meta to enhance transparency and security on its platforms, with similar measures already in place in Taiwan and the UK.

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