Despite Facebook’s pretensions to stamping out fake news and fraud on its platform, it seems often remarkably reluctant to do so. Even when certain very rich individuals are making it known in no uncertain terms that outright scams are being run on Facebook.
For most of the past year, dodgy ads have been running on Facebook, spruiking investment opportunities bearing the apparent imprimatur of some very famous Australians. The first one I noticed, late last year, featured tv host David Koch. At the time, I took little notice, other than to have a chuckle at the hundreds of comments lambasting the bald-headed loudmouth. But, as more and more of the ads began popping up, especially featuring Andrew “Twiggy” Forrest, it became obvious that something not-quite-legit was going on.
Obvious to everyone except Facebook, that is.
Mining magnate Andrew Forrest has slammed Facebook for its lack of action over fraudulent advertising on its platforms, flagging a push for governments around the world to step up their scrutiny and regulation of the social media giant.
The iron ore billionaire has delivered a letter to Facebook chief executive Mark Zuckerberg, slamming him and his company over its “socially reprehensible recalcitrance” over fraudulent advertising. “Facebook is not a billboard, it is one of the world’s most pernicious publishers,” Mr Forrest told The Australian.
“It is time for Facebook to take responsibility and stop profiting from criminals.”
And there’s the rub: money. Money, money, money. Facebook is making a motza off these ads. Which hardly gives it any incentive to live up to its high-falutin’ principles and actually Zucc them.
Mr Forrest is among a host of prominent Australians whose image has been used by fraudsters as “celeb-bait” to push their scheme through ads on the likes of Facebook, Google, Twitter and LinkedIn.
Images of Mr Forrest, casino billionaire James Packer, former NSW premier Mike Baird and television host David Koch have been appropriated by scammers for ads run through Facebook and other online platforms […]
Mr Forrest is understood to have first flagged his concerns with Facebook over the proliferation of fraudulent advertisements back in March, and has grown increasingly frustrated by the social media giant’s reactive approach.
“As your socially reprehensible recalcitrance has continued, a concerted international effort is required to secure independent oversight and accountability for Facebook’s operations,” Mr Forrest said in his letter. “I am therefore calling on governments around the world to update their regulatory and legislative frameworks to ensure society is protected from the harm Facebook facilitates by allowing scammers to advertise on its platform.”
But…all that sweet money…
While Facebook and other social media and search engine giants have deleted vast numbers of fraudulent accounts, they have collected large amounts of revenue from the dodgy advertisements. Bloomberg last year estimated that questionable websites spent $US1.3bn ($1.9 billion) a year on internet advertising.
theaustralian.com.au/nation/facebook-cops-blast-over-fraudulent-ads/
To be fair, it’s true that stamping out fraud on a platform like Facebook is an endless game of whack-a-mole. But the fact that these ads have been running for nearly a year, and long after the company was notified about them, undermines Facebook’s claims of innocence.
It’s also true that increased regulation of media is a bad idea. But the fix for the likes of Facebook is simple: instead of inventing new legislative strangleholds on media, just close the loophole that lets them get away with their duplicity. Companies like Facebook (and Twitter, YouTube, etc.) have only gotten away with what they have because they claim to be “platforms”, not “publishers”. But, now that they are self-admittedly curating the content on their sites, that excuse is no longer viable.
Close the loophole. Subject the tech giants to the same regulatory regime as the rest of the media. No need for new laws.