Facebook now accounts for the vast majority of scams on social media, according to an explosive new study – and critics claim it’s because Mark Zuckerberg’s tech giant is more focused on making money than protecting customers, The Post has learned.
Last year, Meta forecast it would earn $16 billion – or 10% of its revenue – by running scam ads, according to bombshell documents obtained last month by Reuters. Critics say the eye-popping number confirms that fraud has effectively become a core part of the company’s business — especially at Facebook, which boasts more than 3 billon monthly active users.
The documents revealed Meta bans accounts only if its systems flag an at least 95% chance that they are committing fraud — an absurdly high bar that invites fraudsters with minimal policing, critics say. What’s more, the more suspicious the ad buyer, the higher the fees for posting ads — a supposed deterrent to bad behavior which instead amounts to “pay to play,” experts say.
Erin West, a former California prosecutor who has founded a nonprofit to combat online scams, said the documents prove Meta is turning a blind eye to the fraud because it is a “major moneymaker” for the company.