Meta is introducing new verification requirements for advertisers targeting Australians with financial services ads in a move it says will protect users from scams and enhancing transparency and accountability in financial services advertising across Facebook and Instagram.

Under the new requirements, Advertisers will need to verify information about who is the beneficiary and payer for the ad. If required, advertisers will also need to include their Australian Financial Services Licence number. Financial service ads must contain a 'Paid for By' disclaimer, featuring the name of the individual or organisation paying for and/or benefiting from the ad.

The new verification process will start to roll out over the coming month and will be fully implemented by February 2025. Once rolled out, advertisers will be required to complete the verification process before publishing qualifying ads to audiences in Australia. This initiative is part of Meta's broader efforts as a founding signatory of the Australian Online Scams Code. The changes are also in line with the voluntary Australian Online Scams Code introduced in July 2024 by the Digital Industry Group Inc (DIGI).

"Meta recognises the devastating impact that finance and investment scams can have on Australian consumers. The introduction of financial advertiser verification is an important additional step towards protecting people in Australia from these sophisticated scammers, who try to impersonate legitimate financial institutions and advertisers. This initiative forms part of our broader efforts as a founding signatory of the Australian Online Scams Code and adds to the multiple measures we have in place to combat scammers across our platforms," said managing director, Meta ANZ, Will Easton.

Managing Director, Digital Industry Group Inc, Sunita Bose, said: "This year, DIGI launched the Australian Online Scams Code as a blueprint for best practice when combatting scams in the digital industry. The code outlines the commitments made by leading technology companies in Australia to fight scams, including advertiser verification measures. Meta’s introduction of financial advertiser verification is a welcome boost in defences for Australian consumers against the criminal scammers who seek to exploit these services."

In addition to the new verification measures, Meta has recently introduced a range of anti-scam measures, including testing facial recognition technology to stop celeb-bait scams, a partnership with the Australian Financial Crimes Exchange (AFCX) to share intelligence on scams via the Fraud Intelligence Reciprocal Exchange (FIRE), and the introduction of verification for new advertisers in Australia.