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January 10, 2022

Fraud Fears Necessitate Meta Boycott by Goldman-Sachs Backed Fintech

Want to know what happened with Starling bank & why did they drop advertising on Meta? Check this guide to learn about the frauds on Meta that led to these circumstances!

With the rise in the number of fraudsters and scammers in Meta, a number of companies have grown cautious about advertising on it. One such company happens to be London-based Starling Bank which is backed by the likes of Goldman-Sachs. 

Starling’s Fears about the Meta Digital Space

In her latest annual letter, the chief executive officer of Starling Bank, Anne Boden wrote that Starling Bank has ceased advertising on Facebook and Instagram amid the rising amount of scammers on those platforms. She goes on to say Meta is not doing enough to stop scammers from using its platforms. 

After achieving unicorn status last year, Starling started its advertising boycott in mid-December.  

Social media platforms have been the primary source of the digital-only bank’s advertising and it had been spending hundreds of thousands of pounds a month to advertise on Meta’s platforms. That spending saw a nosedive in the past 12 months and now the decision to completely stop all advertising on those platforms was made. 

Using Google’s decision to stop any advertising based on financial services without prior authorization by the UK’s Financial Conduct Authority, as an example, Boden says she is pushing other big tech companies to suppress fraudsters. 

Steps Being Taken

Last month, TechUK, the trade association that represents major companies like Meta, Twitter, and Microsoft said these aforementioned companies are committed to putting in defenses against scammers and fraudsters from advertising with them. 

Meta is expected to roll out a new system with regards to this sometime this year. 

Conclusion

The battle against fraudulent services has raged on for a long time, but with these measures being taken by giants like Meta, an end seems near. The idea of a safe digital space with the provision of only correct information does not seem so far-fetched anymore.

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