Meta missed over 1,000 scam ads in one week

Meta has come under fresh scrutiny after failing to block more than 1,000 illegal financial advertisements in Britain in just one week, despite pledging to prevent such content.

A review by the Financial Conduct Authority found that 1,052 ads promoting high-risk investments, including foreign exchange trading and complex derivatives, were published across Meta’s platforms by unauthorised advertisers, News.Az reports, citing Reuters.

Even more concerning, over half of those ads came from accounts the regulator had already flagged to Meta, raising questions about the effectiveness of the company’s enforcement systems.

The findings highlight ongoing risks for millions of users on platforms like Facebook, Instagram and WhatsApp, where scam investment promotions and fraudulent schemes continue to circulate.

The FCA has repeatedly warned that online trading scams, often promising quick profits through currency markets, are becoming more common, with social media playing a central role in targeting victims.

Meta defended its approach, saying it removes the majority of fraudulent content quickly and continues to invest in anti-scam tools. The company also noted that advertisers are required to comply with local laws and be authorised before promoting financial services.

However, regulators say enforcement gaps remain significant. Britain’s Online Safety Act, which could allow fines of up to 10% of global revenue, has yet to fully apply to paid scam advertisements, a delay that limits immediate action against platforms.

The FCA says it will continue monitoring Meta’s systems, while pressure grows on governments and platforms to close regulatory gaps and better protect consumers from online fraud.

News.Az 

By Aysel Mammadzada