Meta has launched the Fraud Intelligence Reciprocal Exchange (Fire) tool in partnership with the Australian Financial Crimes Exchange (AFCX) to tackle scams. Over the first six months, Fire has led to the deletion of more than 9,000 scam pages and 8,000 AI-generated celebrity investment scams.
This initiative follows the significant losses reported by Australians, with $43.4 million lost to scams on social media from January to August 2024, $30 million of which involved fake investment scams. The Fire program, involving seven banks, allows direct reporting of scams between Meta and financial institutions, enhancing scam detection and prevention efforts.
Meta’s global threat disruption director, David Agranovich, emphasized the importance of this collaborative approach to combat sophisticated scam activities. Despite promising results, Meta acknowledges the challenges in reporting scams and aims to improve its detection systems further.
