Internal documents show Meta is earning billions of dollars from a deluge of fraudulent ads

Meta projected last year that it would earn about 10 per cent of its overall annual revenue — $US16 billion ($24.6 billion) — from running advertising for scams and banned goods, internal company documents show. Users of Facebook, Instagram and WhatsApp were exposed to fraudulent e-commerce and investment schemes, illegal online casinos and the sale of banned medical products. The unreported documents reviewed by Reuters show that for at least three years, the social media giant failed to identify and stop an avalanche of ads that were shown to billions of people. On average, one December 2024 document notes, the company showed its platforms’ users an estimated 15 billion “higher risk” scam advertisements every day. Meta earns about $US7 billion in annualised revenue from this category of scam ads each year, another late 2024 document says. Meta estimates that it shows its users 15 billion scam ads like this one every day. (Reuters) According to Meta spokesperson Andy Stone, these documents “present a selective view that distorts Meta’s approach to fraud and scams”. The company’s internal estimate that it would earn 10.1 per cent of its 2024 revenue from scams and other prohibited ads was “rough and overly inclusive” Mr
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