Meta cracks down on scammers with tougher financial ad rules in Australia

Meta is implementing new verification requirements for financial services advertisements in Australia to address the growing issue of 'celeb-bait' scam ads, which use fake celebrity endorsements to deceive users.

According to reports, the updated policy, set to take effect in February 2025, requires advertisers promoting financial products or services to verify their credentials. Businesses will need to provide an Australian financial services licence number or declare an exemption, while individuals must submit government-issued identification.

These measures, aligned with Australia’s Online Scams Code, aim to improve transparency and reduce fraudulent activity on the platforms. The code has been adopted by major digital advertising platforms, outlining steps to combat scams and report suspicious activity.

These new policies mirror similar measures introduced in Taiwan and the U.K. but remain region-specific due to varying regulatory requirements. In addition to verification processes, Meta is working on advanced facial matching technologies to detect and eliminate fraudulent ads that misuse celebrity images.

While the company is taking steps to curb scams in regions with established legal frameworks, the company has yet to roll out similar protections globally, as regulations in other regions do not mandate such measures. This has raised concerns about whether Meta’s commitment to curbing online scams is consistent across its markets.

Australia’s enhanced guidelines reflect the ongoing pressure on tech platforms to prioritise user safety, particularly in the context of financial scams that exploit trust through fake endorsements. As the issue persists globally, Meta’s regional approach could serve as a model for broader implementation in the future.