Meta is making billions of dollars from scam ads on Facebook, Instagram and WhatsApp, report says

1 month ago 3

Meta is making billions of dollars every year from ads marketing scams and illegal products on its platform, according to a new report from Reuters. The report details the staggering numbers behind scam ads on Meta's platform, and raises fresh questions about why the company has failed to get the problem in check.

Last year, Meta estimated that scam ads could account for as much as 10 percent of its revenue, a total that would amount to about $16 billion, according to documents reported by Reuters. This includes ads for "fraudulent e-commerce and investment schemes, illegal online casinos, and the sale of banned medical products." In fact, scams on Meta's platform are so far-reaching that researchers at the company estimated that its apps "were involved in a third of all successful scams in the U.S."...

Source: https://www.engadget.com/social-media/meta-is-making-billions-of-dollars-from-scam-ads-on-facebook-instagram-and-whatsapp-report-says-184128645.html?src=rss

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