The parent company for two of the largest social media platforms is under fire for failing to prevent an “epidemic of scams” that prey on its users, The Wall Street Journal reported.
The Journal found that Meta Platforms, the parent company for Facebook and Instagram, accounted for nearly half of the reported scams on the digital payment service Zelle for JPMorgan Chase, the largest bank in the U.S., from the summer of 2023 to the summer of 2024. Sources told the Journal that other banks using Zelle have experienced similar problems with scams originating on Meta’s platforms.
Meta found in an internal review from 2022 that 70% of newly active advertisers on their platforms promote “low quality” products, illicit goods, or outright scams. Another internal document from 2024 reviewed by the Journal showed that Meta allows advertisers to rack up eight to 32 automatic “strikes” for fraud before their accounts are banned.
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