Meta Removes 9,000 Scam Pages as Australians Lose $43.4M to Deepfakes

Meta, the parent company of Facebook and Instagram, has taken significant steps to tackle fraudulent activity on its platforms. In the first six months of 2024, Meta removed over 9,000 celebrity deepfake scams and 8,000 scam pages using its newly launched Fraud Intelligence Reciprocal Exchange (Fire) tool. This initiative is part of a larger effort to address the growing number of scams on social media, particularly in Australia, where reported losses from social media scams reached $43.4 million between January and August 2024.

Widespread Scams Targeting Australians

Investment scams, often promoted with deepfake images of public figures, account for the majority of losses reported by Australians. High-profile individuals such as David Koch, Gina Rinehart, Anthony Albanese, and Guy Sebastian have had their images misused in fraudulent schemes. Meta has been under pressure to take action, and this led to the introduction of the Fire tool in partnership with the Australian Financial Crimes Exchange (AFCX).

How Fire Works

The Fire tool enables seamless reporting and communication between Meta and financial institutions involved in scam incidents. Banks can now directly report known scams to Meta, and in return, Meta can share scam-related intelligence with these banks, helping to prevent further losses. Seven banks, including ANZ, Bendigo Bank, CBA, HSBC, Macquarie, NAB, Westpac, are currently part of the Fire program.

Successful Scam Removals

Since the Fire pilot launched in April, Meta has taken down thousands of fraudulent accounts and pages. In its global efforts, Meta also reported removing 1.2 billion fake accounts in the last quarter alone, with 99.7% being removed before user reports. However, despite these early successes, the number of scams far exceeds the current impact of Fire, with Scamwatch reporting 1,600 cases of social media-related scam losses in August 2024 alone.

Future Enhancements and Intelligence Sharing

Meta’s goal with Fire is to improve its ability to track and eliminate scam activity not just on its own platforms but across financial institutions as well. David Agranovich, Meta's director of global threat disruption, noted that banks and other partners provide valuable insights that allow Meta to better understand off-platform scam activities. Soon, Fire will also integrate with Meta’s threat exchange system, allowing for more comprehensive monitoring of criminal activities like child exploitation and covert influence operations.

Australian Legislation on Scam Prevention

Australia's assistant treasurer, Stephen Jones, has introduced draft legislation aimed at enhancing scam prevention across banks, telcos, and social media platforms. This framework would enforce stricter actions against scams and introduce better dispute resolution processes for victims. The consultation period for this legislation ends on October 4, 2024.

A Collaborative Approach to Combat Scams

While the initial results of the Fire program are promising, Meta acknowledges the need for continued improvements. Rhonda Luo of the AFCX highlighted that the ultimate goal is to make Australia a less attractive target for scammers. Both ANZ and Commonwealth Bank welcomed this collaboration, recognizing its potential to protect users from the ever-evolving tactics of scammers.