It’s not exactly breaking news that financial scams are all too common on Facebook. However, some government regulators around the world have reached a breaking point, calling for the social media giant to adhere to a mandatory code of conduct to help better protect the public from these scams.
According to the Australian Financial Services Council, the increase in financial scams in social media is “alarming,” and immediate action must be taken to prevent further consumer harm. That’s why the regulatory group is calling for a code of conduct for Facebook, Google, and other tech giants to better protect users.
“Digital platforms must take action against scammers who purport to offer reputable investment options and target people through social media advertisements, paid search engine results and messenger applications,” the Australian organization said. “We’re calling for a mandatory industry code of conduct to be implemented for tech giants that only permits paid-for advertisements from [authorized] financial services providers… and a commitment to remove fraudulent content from their platforms.”
This is exactly the kind of government regulation that US lawmakers have been discussing for years. Hopefully this proposed Australian law could provide a template for other countries fed up with Facebook.
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