Meta Tightens Ad Rules to Combat Financial Scams in Australia
Meta Platforms, the parent company of Instagram and Facebook, has introduced stricter regulations for advertisers promoting financial products and services in Australia. The new measures, announced on Monday, aim to curb the growing threat of financial scams targeting Australian users.
The crackdown follows Meta’s removal of 8,000 “celeb bait” advertisements in October. These fraudulent ads, which exploit images of celebrities to promote fake investment schemes, have been part of a coordinated effort with Australian banks to protect consumers.
Stricter Verification for Advertisers
Under the new rules, advertisers of financial services must now verify their Australian Financial Services License (AFSL) number along with their payer and beneficiary information before their ads are approved. According to Meta ANZ Managing Director Will Easton, “The introduction of financial advertiser verification is an important additional step towards protecting people in Australia from these sophisticated scammers.”
Once verified, advertisers will also need to include their payer and beneficiary details in their advertisements. This information will be displayed in a “Paid for By” disclaimer to enhance transparency and accountability.
Regulatory Challenges and Broader Implications
The move comes as Australia continues to tackle issues with misinformation and scams online. Last month, the Australian government shelved a proposal that would have imposed fines of up to 5% of global revenue on tech platforms failing to manage misinformation. The decision was part of a broader regulatory agenda aimed at asserting national sovereignty over foreign tech giants.
With these new measures, Meta is stepping up its efforts to create a safer digital environment while aligning with Australia’s push for stronger online protections.
