Meta Platforms is reportedly deriving around 10 of its annual revenue-an estimated 16 billion-from fraudulent advertisements, according to internal company documents obtained by Reuters.
The leaked files reveal that Meta failed over a three-year period to adequately curb ads promoting illegal gambling, fake investment schemes, and banned medical products. These deceptive campaigns often target unsuspecting users with non-existent products and services designed to extract payments or data.
Meta's internal system flags campaigns likely to be scams but only shuts down an advertiser's account when it is 95 certain of fraud. Otherwise, the company raises ad costs for suspicious accounts as a deterrent, though those charges still contribute to Meta's bottom line.
