Meta Platforms (NASDAQ: META) has made some big changes since the early days of "the facebook." CEO Mark Zuckerberg even changed the name of the company a few years back to reflect the company's focus on augmented and virtual reality devices. More recently, however, the company has turned its focus to the massive opportunity presented by advances in artificial intelligence (AI), while pushing its metaverse efforts to the back burner. While the business is constantly adapting to the changing tech environme ...

Core Insights - Meta projected that 10% of its overall annual revenue, amounting to $16 billion, would be derived from fraudulent advertisements on its platforms [1] - For three consecutive years, Meta has not effectively protected users from ads promoting illegal activities, including gambling and investment schemes [1] - Meta's system for detecting fraudulent advertising campaigns only deactivates accounts if there is a 95% certainty of fraud, which allows some questionable advertisers to continue operating [4] Company Response - Meta spokesperson Andy Stone stated that the documents used by Reuters provide a selective view of the company's approach to fraud [5] - Over the past 18 months, Meta has reportedly reduced user reports of scam ads by 58% and removed over 134 million scam ads from its platforms [5]