Meta wants industry self-regulation on scams as court battles loom - Capital Brief

Taylor Swift tickets, financial advice from an online-love interest, fake Australia Post delivery messages. These are just three of the most recent examples of scams over which the Australian consumer regulator has issued warnings in recent months. 

As of January 24, The National Anti-Scam Centre, had received 273 reports of people being scammed buying Taylor Swift The Eras Tour tickets via social media since tickets went on sale in Australia in June 2023. "Australians have lost over $135,000 to this scam so far, with this figure likely to continue to rise," the Australian Competition & Consumer Commission said at the time. 

It's an issue that is front of mind for the government, which announced a consultation late last year on plans for mandatory industry codes for banks, telcos and digital platforms, such as Meta, "to prevent, detect, disrupt and respond to scams," including by sharing information across sectors. 

The government consultation was due to close at the end of January, but Meta has today published a new submission calling instead for an industry-drafted code for online platforms more closely aligned to recent UK measures to tackle online fraud. 

Meta's pushback comes as the company faces multiple lawsuits over scam crypto advertisements on its Facebook platform. 

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