Meta, Australian banks show progress on taking down 'celeb bait' scam ads

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Meta, Australian banks show progress on taking down 'celeb bait' scam ads - Business Standard

Quick Summary:

Forrest says Australians continue to lose money to the scams that he began warning Meta about in 2019.

The bill proposes A$50 million ($34 million) fines for social media, financial and telecommunications companies which fail to meet their obligations to crack down on the practice.

Australian scam reports jumped by nearly one-fifth in 2023, with losses totalling A$2.7 billion, according to the Australian Competition and Consumer Commission.