Australia Removes 9,000 Scam Ads as Meta Collaborates with Banks Following $43.4 Million in Social Media Scam Losses
Meta has launched a new initiative called the Fraud Intelligence Reciprocal Exchange (Fire) to combat deepfake scams and fraudulent ads on social media in Australia, resulting in the removal of thousands of scam pages. As Australians reported over $43 million in losses to social media scams in 2024, the government is also proposing new legislation to hold companies accountable for preventing such fraud.
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