Meta reportedly allowed thousands of false ads to run on its platforms while refusing to hit the alleged fraud cases to avoid losing advertising income, according to a bomb report.
The parent on Facebook and Instagram constituted nearly half of all fraud complaints associated with diligence transactions reported by JPMORGAN Chase between the middle of 2023 and the middle of 2024, according to Friday by Wall Street Journal.
Other lenders who use the payment of payments from colleagues have also received large amounts of Meta -related fraud requests, people familiar with the issue told the newspaper, which spoke to previous and current staff, regulators and banks, and reviewed internal meta documents.
Meta platforms – used by more than three billion people every day – have long been faced with fraud. But the problem is reported to have increased in recent years, driven by the growth of cryptocurrency schemes, the content created by him and the widespread criminal operations based in Southeast Asia.
A reported trick included a barrage of fraudulent advertising advertising linked to Edgar Guzman, who runs a lawful wholesale business outside the Atlanta.
Over a year, more than 4,400 different ads on Facebook and Instagram used the Guzman depot address to promote steep discounts on wholesale goods – including power tools for $ 29 and Amazon returned products starting at only $ 1.
“What suck is that we have to break it to the people they have been cheated – we don’t even make online sales,” Guzman Journal told that fraudulent advertising has damaged his company’s reputation through negative estimates.
Another bad capitalized scheme in the trusted image of the Global McCormick & Co food giant, the newspaper reported.
Facebook and Instagram users were targeted by fake advertising that promised a spice -free rack and a variety of brand products, requiring only a $ 9.99 transport fee. Loading the victims in a site created to imitate McCormick’s official website, complete with a false study and price game.
After presenting the credit card information, the victims were charged with numerous fraudulent purchases reaching hundreds of dollars.
“If their income comes from deception, what is their incentive to protect people?” Marah Johnson, a 58-year-old artist from Orange County, Calif, who fell for the fraud, told the newspaper.
“It feels like Meta is helping deceivers out.”
A third scheme that blooms on the meta platforms involves the sale of non -existent cubs.
Although Meta forbids sales of live animals from colleagues, out of narrow exceptions, a simple search for “cub” revealed thousands of controversial ads.
Many used stolen images and claimed to be from “near me” breeders, but were traced to sellers operating outside the camera.
These lists often had nothing to do with verified breeders or rescue organizations, contrary to Meta’s own policies, according to the diary.
The victims were usually asked to send deposits to provide a pet that never arrived.
Various frauds can make users of losses from losses ranging from hundreds of thousands of dollars, according to the diary.
“In recent years, the epidemic of fraud has grown in scale and complexity, driven by ruthless cross -border criminal networks operating on a global scale,” a spokesman for Meta Post on Friday told.
“While this fraud activity has become more persistent and sophisticated, so we have our efforts.”
But the current and previous employees told Meta magazine that it was puzzled to impose stricter controls on advertisers and has not refused to improve its anti -fraud implementation mechanisms.
The company reported a 22% increase in advertising revenue last year – bringing it to more than $ 160 billion.
Facebook and Instagram employees are instructed to tolerate between eight and 32 “strikes” of fraud before stopping accounts while fraud enforcement is generally deprived to avoid losing advertising revenue, sources told the newspaper.
When Meta employees personally escalated the problem for their superiors, the border fell between four and 16 strokes, according to the newspaper.
Meta denied that she gave profits ahead of security,
“Eighty -five percent of advertising accounts abolished or banned for violating our policies have never spent a dollar” and “nearly 70% of AD accounts removed for violating our policies have been removed or banned within a week of creating accounts, many on the day they were created,” the spokesman said.
However, the company’s failure to capture fake advertising has helped to have helped human trafficking fuel deceived operations in Southeast Asia, where abducted victims are forced to work under the threat of “extreme forms of torture and abuse,” the magazine reported.
Meta spokesman insisted that the company is taking aggressive actions against these organized fraud operations – often referred to as “pig butcher”.
“We are going after criminal organizations behind the ‘pork butcher’ and other schemes, which aim globally through messages, meetings, social media and other applications to persuade them to ‘invest’ under false claims,” the representative said.
“Only this year, we have removed over two million accounts linked to fraud centers in Myanmar, Laos, Cambodia, the United Arab Emirates and the Philippines.”
The company is experimenting with facial recognition tools, issuing user fraud warnings and collaborating with financial institutions and other technology companies because “this crime affects many industries and cuts in different parts of society,” Rep added.
Those who are cheated are unlikely to get a refund from Meta.
In the legal files, Titan of Technology has claimed that it does not bear legal responsibility for fraudulent content in its pages – citing the controversial Article 230 of the Federal Telecommunications Law that protects the platforms.
In a motion to dismiss a federal lawsuit accusing the company of not removing Cryptocurrency -related imposition frauds, Meta wrote that “the alleged implementation of Meta monitoring policies cannot cause responsibility”, and argued that “no task of users” when it comes to police.
#Mark #Zuckerbergs #Meta #refuses #hit #rampant #frauds #fake #advertising #avoid #loss #income #Report
Image Source : nypost.com