Meta Enforces Stricter Ad Rules in Australia

Meta Platforms has announced stricter requirements for financial service advertisers in Australia, mandating verification of beneficiary and payer information, including an Australian Financial Services License number, before ads can be published. This initiative aims to combat a rise in scams that exploit celebrity images to promote fraudulent investment schemes, with reported losses from such scams exceeding $135 million in Australia in 2024. Advertisers will need to include a 'Paid for By' disclaimer on approved ads, which will feature verified information about the financial products promoted. The new rules are set to be fully implemented by February 2025 and apply to both local and international advertisers targeting Australian consumers. Meta's actions come in response to previous criticism and pressure from regulators and politicians regarding the prevalence of online financial scams. The company has faced significant backlash for not adequately addressing these issues in the past, including lawsuits from affected parties.