Meta fights growing online fraud with new fraud intelligence programme: All about it | Mint-OxBig News Network

Meta, the parent company of Facebook, WhatsApp, and Instagram, has announced a worldwide anti-scam campaign to protect users from fraudulent activities during the holiday shopping season, reported AFP. This initiative comes as part of the company’s ongoing efforts to tackle the rising tide of online scams, particularly those targeting unsuspecting shoppers.

In a statement released on Monday, Meta revealed that it had taken down more than two million accounts associated with scam operations in several countries, including Cambodia, Myanmar, Laos, the UAE, and the Philippines, throughout this year. Additionally, the company has removed 15,000 phishing URLs in Vietnam and 9,000 in Singapore, highlighting its global enforcement measures.

Through a partnership with the cybersecurity firm Graphika, Meta has identified three primary scam campaigns that are ramping up during the festive period. These include deceptive promotions offering fake Christmas gift boxes, fraudulent sales of holiday decorations, and counterfeit retail coupons.

Scammers are using increasingly sophisticated tactics to deceive consumers, including AI-generated voiceovers and fabricated customer testimonials, the company noted. These scams are not confined to a single platform, Meta added, making it difficult for any one company to detect and dismantle the full scope of these malicious campaigns.

Meta’s announcement also emphasised the challenge posed by evolving scam methods, with fraudsters constantly adapting their strategies to evade detection. The company explained that, due to the multifaceted nature of these schemes, “any one company can only see a small piece of these scam campaigns.”

To further bolster its efforts, Meta has enlisted internet safety expert and ethical hacker Rachel Tobac, who will help educate users on recognising and avoiding online threats.

In addition, Meta has expanded its Fraud Intelligence Reciprocal Exchange (FIRE) programme, which was initially launched in the UK and Australia, to include banks from around the world. This initiative aims to facilitate the sharing of crucial information about potential scam activities between financial institutions and Meta’s platforms, strengthening collaborative efforts to combat online fraud.

As the holiday shopping season approaches, Meta’s campaign serves as a timely reminder for users to stay vigilant and aware of the ever-changing tactics employed by scammers in the digital space.