Facebook was once known as the space for making friends, uploading pictures, and liking posts from your connections. However, it has now transformed, along with other Meta platforms, into a digital hub where criminals can seamlessly conduct various scams.
Recently, Meta announced that they will discontinue their fact-checking programme and move to a Community Notes model. The company will rely on users to identify and correct inaccurate posts and flag false content. With this shift, Meta aims to promote "more speech" and take a more personalised approach to political content.
This move is similar to X's Community Notes and has significant implications amidst Trump's presidency. But what implications does this have in the fight against financial crime?
Recent data shows that 60% of scams reported in 2023 originated through Meta's platforms, such as Facebook, Instagram, and WhatsApp, in the UK only. Moreover, 33% of the total value of all money lost to scams began on Meta platforms.
Removing the fact-checking programme will most likely increase the number of scams and other fraudulent activity on the platforms.
Some of the most common scams on Meta platforms include:
1. Cloned or fake profiles: Scammers create fake accounts that impersonate real individuals by using their photos and information. They send friend requests to gain trust, ultimately asking for money or personal information.
2. Phishing links: Criminals may send direct messages containing links that lead to fake websites, aiming to trick people into entering their login credentials.
3. Fake ads: Scammers run ads for giveaways, discounts, or products that never arrive. They often impersonate popular companies or public figures, leading users to phishing sites, where they need to add their credentials.
4. Romance scams: One of the most prevalent types of scams on Meta platforms, criminals create fake profiles to establish romantic relationships, typically targeting elderly women. Eventually, they ask for money or banking information.
5. Investment scams: Scammers send messages or create posts that promise high returns on investments, convincing users to send money. Research shows that 59% of all money lost to scams comes from investment scams, despite them accounting for only 17% of the total number of cases.
These scams can spread misinformation on the platforms, making it harder for users to identify credible sources. Additionally, while community notes can encourage freedom of expression and diverse perspectives, users may lack the experience necessary to recognise sophisticated financial crimes, leading to increased scams going undetected.
However, Meta is taking steps to address the growing issue of scams on its platforms, specifically in the UK. In October 2024, the company announced a partnership with UK banks and The Fraud Intelligence Reciprocal Exchange (FIRE) to combat fraudulent activities.
This initiative successfully removed approximately 20,000 scam accounts, demonstrating Meta's tremendous capability to combat financial crimes and create a safer digital environment for its users.
While there are still many challenges ahead and greater commitment is required, this collaboration marks a significant first step in the fight against online scams.
Removing the Meta fact-checking programme will give more freedom to users, but also to scammers. Although this move promotes free speech and diverse perspectives, it also allows criminals to promote their scams and create an unsafe digital space for users.
Although Meta is actively working against eliminating scammers on their platforms, their strategies and creativity constantly outsmart the system, meaning that more policies might be needed to combat financial crime on online platforms.