1. Meta, owner of various apps, estimated that $16 billion of its annual revenue in 2024 could be derived from fraudulent advertisements.
2. The company is criticized for failing to protect users from ads promoting illegal activities like gambling, investment schemes, and banned medical products for three consecutive years.
3. Despite having a system to detect potential scams, Meta only removes the advertiser's account if it has 95% certainty of fraud. If not sure, Meta charges more from suspected advertisers as a deterrent, but some still go through with their ads, thereby increasing Meta's revenue.