"Meta estimates that ten percent of the company’s annual revenue comes from fraudulent ads on its services – amounting to a dizzying 16 billion dollars.
– Meta is earning billions from consumers being scammed. Even if the company gets fined – a process that takes years – the fines we have seen so far only amount to a fraction of these profits. In other words, Meta has no incentive to solve the problem. Meanwhile, the company doesn’t lift a finger to help its users, whether their profiles are misused in the scam ads, or they fall victim to the scams, Myrstad says. "
It should be easy: 10% of revenue from fraudulent ads? Fines amounting to 15% of the total revenue. This way, Meta will be incentivized to invest ~5% of its revenue on getting rid of that 10%.
The US Postal Service seems to derive upwards of 90% of their revenue (Or at least of the mail I receive) from similar scams. Are they going to have the same fines applied to them?
Yes but also include accountability in the boardroom. If illegal things happen, a human needs to see court, not a company. Let the "risk takers" actually take on risk.
From the sources I have seen, that 10% was a projection for 2024, with goals to significantly reduce it in 2025 and 2026 onward. It also includes "banned" goods, which are not necessarily fraudulent nor illegal. I have not seen any data on whether or not Meta has achieved their goals of reducing fraud and banned goods advertising.
And somehow they are allowed to continue operating, and we accept them saying "we couldn't possibly actually police all this content! There's just too much of it. We're too large for such concerns!"
I really wish the rest of us could turn around and say, to their faces "That sounds like a you problem"
What is a fraudulent ad?
If a massive health influencer promotes a "healthy" powder that in labs does not show health benefits - do we consider it a fraudulent ad?
To achieve a better digital world, where technology works for people
rather than against them, several steps must be taken:
1. Rebalance power between service providers and
consumers. People should be allowed to control their digital
experiences and decide how they want to use products that
they own. It should be possible and practical to switch to
alternative service providers, or tweak services they already
use to suit their needs and preferences.
2. Tackle dependency on Big Tech. To lay the groundwork for
innovative products and services and pave the way for
alternatives to Big Tech, competition in digital markets must be
restored. Technology based on principles such as openness,
interoperability and portability must be advanced through
strategic investments. For example, the public sector should
leverage its power as a major procurer to support alternatives
to big tech through exploring options for ethical procurement
of technology services.
3. Double down on the enforcement of existing laws. Far
from hindering innovation, regulations provide crucial
guardrails to guide innovation and ensure a level playing field.
Weak enforcement allows big tech to continue its damaging
practices at the cost of freedom of choice, service quality, and
innovation. To remedy this, enforcement of existing laws must
be strong and vigorous. This includes the DMA and
competition laws more broadly, but also other digital rules
such as the GDPR and consumer law.
4. Close the existing legal loopholes by adopting a strong
Digital Fairness Act. Increase legal certainty and address
loopholes in the legislation to better protect people for
instance against deceptive and addictive design, and unfair
personalisation.
– Meta is earning billions from consumers being scammed. Even if the company gets fined – a process that takes years – the fines we have seen so far only amount to a fraction of these profits. In other words, Meta has no incentive to solve the problem. Meanwhile, the company doesn’t lift a finger to help its users, whether their profiles are misused in the scam ads, or they fall victim to the scams, Myrstad says. "
You can find the 10% from scam thing all over the place. ala-
https://www.reuters.com/investigations/meta-is-earning-fortu...
I really wish the rest of us could turn around and say, to their faces "That sounds like a you problem"
If a real store had that much fake stock it would be shut overnight.
Another one of my favorite examples of this (an ad for Oslo tourism): https://www.youtube.com/watch?v=8vhD59ac7nw
To achieve a better digital world, where technology works for people rather than against them, several steps must be taken:
1. Rebalance power between service providers and consumers. People should be allowed to control their digital experiences and decide how they want to use products that they own. It should be possible and practical to switch to alternative service providers, or tweak services they already use to suit their needs and preferences.
2. Tackle dependency on Big Tech. To lay the groundwork for innovative products and services and pave the way for alternatives to Big Tech, competition in digital markets must be restored. Technology based on principles such as openness, interoperability and portability must be advanced through strategic investments. For example, the public sector should leverage its power as a major procurer to support alternatives to big tech through exploring options for ethical procurement of technology services.
3. Double down on the enforcement of existing laws. Far from hindering innovation, regulations provide crucial guardrails to guide innovation and ensure a level playing field. Weak enforcement allows big tech to continue its damaging practices at the cost of freedom of choice, service quality, and innovation. To remedy this, enforcement of existing laws must be strong and vigorous. This includes the DMA and competition laws more broadly, but also other digital rules such as the GDPR and consumer law.
4. Close the existing legal loopholes by adopting a strong Digital Fairness Act. Increase legal certainty and address loopholes in the legislation to better protect people for instance against deceptive and addictive design, and unfair personalisation.
It is also hopeful that publicly funded organisation asks for better governance rather than just bowing down.
Obviously it is in the Zeitgeist to do this now, could (should) have been written 20years ago, but who would have listened?