Benzinga·2025-12-11 13:30Core Points - Westpac Banking Corp's CEO, Anthony Miller, has called for social media companies like Meta to take more responsibility in preventing online scams, highlighting the increasing threat to consumers [1][2] - Miller stated that Westpac has invested over $333 million in scam and fraud prevention over the past five years, but emphasized the need for social media platforms to enhance their protective measures [3] - The issue of online scams is exacerbated by practices such as "muling," where scammers use platforms like Facebook Marketplace to acquire bank accounts, often from individuals misled by romance scams [4][5] Financial Implications - Internal documents revealed that Meta projected approximately $16 billion in revenue from scam advertisements and banned goods in 2024, which would represent nearly 10% of its total revenue [6] - Meta is estimated to display around 15 billion "higher risk" scam ads daily, indicating a significant scale of the problem [6] Regulatory Developments - Australia has enacted a law banning children under 16 from major social media platforms, requiring companies like Meta, TikTok, and YouTube to block underage accounts or face fines up to AUD 49.5 million ($33 million) [7]