New Zealand Bank Urges Meta to Strengthen Fraud Protection for Users Amid Rising Scams on Facebook and Instagram

New Zealand’s banking sector is intensifying its calls for social media platforms to take greater responsibility for preventing fraud, following the discovery of AI-generated scam advertisements featuring the likeness of Westpac’s chief executive on Facebook.

The fraudulent ads, which used synthetic media to depict Westpac’s CEO promoting cryptocurrency investments, were identified by Radio New Zealand as part of an ongoing pattern of financial scams originating on Meta-owned platforms. This incident has prompted one of the country’s largest banks to publicly urge Meta to strengthen its safeguards against deceptive content that targets New Zealanders.

Industry leaders have previously highlighted the role of social media in facilitating fraud, with bank executives stating that platforms like Facebook are “rife with fraud” and accusing Meta of prioritising profits from scam advertisements over effective intervention. Internal documents cited by The Spinoff indicate that Meta derives a significant portion of its revenue from such ads, which constitute a majority of advertising on its platforms.