Meta Platforms has introduced stricter advertising rules for financial products and services in Australia to combat scams on Instagram and Facebook.
This move follows Meta’s October announcement of removing 8,000 “celeb bait” ads, which used images of famous individuals to deceive consumers into participating in fake investment schemes, according to Reuters.
Meta said advertisers promoting financial services in Australia must now verify their beneficiary and payer details, including their Australian Financial Services License number, before running ads.
This step is part of Meta’s strategy to reduce scams and ensure compliance with regulatory standards.
“The introduction of financial advertiser verification is an important additional step towards protecting people in Australia from these sophisticated scammers, Meta ANZ managing director Will Easton said in a statement.
Once advertisers are verified, they will be required to display their payer and beneficiary information in their ads, which will appear in a “Paid for By” disclaimer after approval, according to Meta.
Last month, Australia’s centre-left government abandoned plans to fine internet platforms up to 5% of their global revenue for failing to prevent the spread of misinformation online.
The bill was part of a broader regulatory crackdown by the Australian government, which has expressed concerns about foreign tech platforms undermining the country’s sovereignty. The move comes ahead of a federal election expected within the next year.
In a related development, Australia this week passed a landmark law banning social media use for children under 16.
