The firm - which owns Facebook, Instagram, Threads and WhatsApp - has vowed to do all it can to prevent "sophisticated scammers" from swindling vulnerable users out of money by rolling out new rules for promoting insurance products, mortgages, loans, credit cards, and much more by February 2025.

This is to comply with the Australian Online Scams Code, brought in by the Digital Industry Group Inc (DIGI) in July.

Will Easton, managing director of Meta ANZ, commented: “Meta recognises the devastating impact that finance and investment scams can have on Australian consumers.

“The introduction of financial advertiser verification is an important step towards protecting people from sophisticated scammers impersonating legitimate institutions and advertisers.”

Sunita Bose, managing director of DIGI, added: “Meta’s introduction of financial advertiser verification is a welcome boost in defences for Australian consumers against criminal scammers exploiting digital platforms. This measure aligns with the commitments outlined in the Australian Online Scams Code.”