Meta removes thousands of scam Ads with the FIRE tool

Meta, the company behind Facebook and Instagram, continues its active fight against fraudulent ads on its platforms. Thanks to a new tool for banks called FIRE (Fraud Intelligence Reciprocal Exchange), nearly 30,000 scam ads targeting users in Australia and the UK have been removed. These include the notorious “celeb bait” ads (scam ads using celebrity images).

How FIRE works

The FIRE tool allows banks to share information directly with Meta’s experts, enabling faster identification and blocking of scammers. This is the first of its kind threat intelligence-sharing program, which Meta currently uses in partnership with Australian and British banks.

The first banks in the UK to join the pilot program are NatWest and Metro Bank. According to Nathaniel Gleicher, Head of Counter-Fraud at Meta, this partnership is critical for protecting users and tackling scammers together.

Results of the pilot program

In the first six months of the program in the UK, with support from the StopScams UK initiative, a major scam network selling fake concert tickets was dismantled. As a result, approximately 20,000 fraudulent accounts were removed based on information shared by banks.

One of the most common types of fraud is so-called “celeb bait”—ads that use celebrity images to lure users into fake investment schemes. In 2023, Australians lost about 2.7 billion Australian dollars ($1.8 billion USD) due to such scams, which is 20% more than the previous year.

Fraudulent Ads: A Global Problem

Fraudulent ads using celebrity images, such as Mel Gibson, Russell Crowe, and Nicole Kidman, became so widespread in Australia that the Australian Competition and Consumer Commission (ACCC) filed a lawsuit against Meta for failing to stop their proliferation on its platforms.

Moreover, Australian billionaire Andrew Forrest also sued Meta for using his likeness in fake cryptocurrency ads that appeared on Facebook. Forrest claims he alerted Meta about the deceptive ads back in 2019, but many of them continued to exist, scamming thousands of users.

Legislative Support and Program Expansion

In the UK, national law enforcement agencies, including the National Economic Crime Centre, support the expansion of the FIRE program, recognizing that industry-wide collaboration is essential for fighting fraud. In addition, in 2023, the Online Fraud Charter was adopted in the UK, encouraging major tech companies to commit to reducing the risks of financial fraud on their platforms.

In Australia, lawmakers are working on a new anti-scam law, backed by Prime Minister Anthony Albanese, which will be introduced in the coming months. The new law will impose fines of up to 50 million Australian dollars for failing to crack down on scam ads and other fraudulent practices.

Currently, seven major Australian banks, including ANZ, Bendigo Bank, CBA, HSBC, Macquarie, NAB, and Westpac, are involved in the FIRE program.

Conclusion

The FIRE tool demonstrates the importance of collaboration between financial institutions and technology platforms in effectively combating fraud. Thanks to new technologies and partnership programs, Meta is actively cleaning up its platforms from fraudulent ads, helping users protect their finances and avoid potential risks.

This article available in Ukrainian.