Facebook and Instagram are paradises for scammers

12 days ago

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Meta's internal documents reveal that 10.1% of its 2024 revenue ($16 billion) came from fraudulent/scam ads on Facebook and Instagram.
Meta runs an average of 15 billion fraudulent ads per day, alongside 22 billion suspicious unpaid content pieces.
Each Meta user sees approximately 10 fraudulent items daily due to algorithmic recommendations amplifying scam exposure.
Meta's moderation systems only block ads at 95% certainty of fraud, profiting from lower certainty ads.
A Projeto Brief study found 52% of loan-related ads in Brazil showed signs of fraud, with 9% confirmed scams.
Brazil's Supreme Court ruling assigns liability to platforms for damages from promoted illicit content, emphasizing profit-driven verification burdens.

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