The article discusses the slow response of Meta (Instagram and Facebook) to takedown requests for content posted by finfluencers and fraudsters. According to Lucy Castledine from the FCA, while major social media companies generally act on such requests with a near 100% completion rate, the delay can often be as long as six weeks. In contrast, other platforms are quicker in removing scam-related content. The FCA noted an alarming rise in reports of unauthorized online scams, particularly impacting younger demographics seeking swift financial gains.
Meta is the slowest social media company to take down content related to financial scams, taking up to six weeks to respond to warning requests.
The response from major social media firms to takedown requests is nearly 100%, but the delay in actioning them can be significant.
The FCA received 25,000 reports of unauthorized online business relating to scams last year, especially impacting younger individuals from 19 to 40.
Big tech platforms like Meta are very reactive in addressing scam content; they should leverage their algorithms for a more proactive approach.
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