Meta estimates that it earns 10% of its revenue from scams, report says

Reuters reports that Meta projected $16 billion (10% of annual revenue) would come from fraudulent ads in the previous year. Internal documents reveal Meta's fraud detection system only deactivates advertisers when 95% certain of fraud, otherwise charging suspected fraudsters higher rates. The company has allegedly failed to adequately protect users from scam ads promoting illegal gambling, investment schemes, and banned medical products for three years. Meta claims to have reduced scam ad reports by 58% over 18 months and removed 134 million fraudulent ads.