“`html
US Senators Josh Hawley and Richard Blumenthal are calling for an investigation into Meta (META) after internal documents indicated that Facebook and Instagram may be profiting from advertisements linked to scams and banned products. The senators urged the FTC and SEC to consider potential penalties against Meta if the allegations are substantiated.
Meta reportedly estimates that about one-third of all scams in the US involve its platforms, with up to $16 billion, or 10% of its 2024 revenue, potentially connected to illicit advertising. Additionally, the company earns approximately $3.5 billion every six months from “higher risk” scam ads, many of which bypass their anti-fraud measures. Senators highlighted that the previous year, Americans lost over $158 billion to scams, emphasizing the need for regulatory scrutiny of Meta.
In response, Meta rejected the claims, asserting a 58% decrease in scam reports over the past 18 months and labeling the senators’ remarks as exaggerated.
“`
