A Reuters undercover investigation has exposed vulnerabilities in Meta’s advertising ecosystem, allowing fraudulent cryptocurrency ads on Facebook and Instagram. Despite clear policies against high-risk, get-rich-quick schemes, reporter Jeff Horwitz successfully ran ads promoting a fake investment offering a staggering 10% weekly return. These ads reached over 20,000 users in major markets including the US, Europe, and India within just four days. Horwitz utilized agencies from Meta’s Partner Directory, which were labeled as “trusted experts,” to facilitate the ads, even after revealing their illicit purpose. As reported, Meta’s automation tools helped these ads quickly transition from “In Review” to “Active”. In response to evidence of policy violations among “Badged Partners,” Meta has deleted its partner directory and is reevaluating affiliations. Internal documents showed that in 2024, over $3 billion of Meta’s China-revenue derived from scam ads. Meta claims to combat scams vigorously through technical measures and collaborations with law enforcement.
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