These deceptive ads exploit images of well-known personalities, frequently generated by AI, to lure unsuspecting consumers into fictitious investment schemes.

This initiative is in line with Australian banks’ target to tackle the rising tide of such scams. Since April, the Australian Financial Crimes Exchange has reported 102 instances of these scams, prompting Meta’s swift action. 

The Australian government has placed increased watch on the social media giant, with plans to introduce anti-scam legislation by the end of the year. This proposed law could impose substantial fines of A$50 million (approximately $34 million) on social media, financial, and telecommunications firms that fail to adequately address these fraudulent practices. A public consultation on the legislation will conclude on October 4.

The Australian Competition and Consumer Commission revealed an increase in scam reports, with a nearly 20% rise in 2023 alone, resulting in losses of A$2.7 billion. In a previous lawsuit against Meta, the commission accused the company of inadequately preventing the spread of misleading cryptocurrency advertisements featuring images of celebrities like Mel Gibson, Russell Crowe, and Nicole Kidman. It estimated that a high portion—58%—of such ads on Facebook could be potential scams.

Meta is currently contesting this lawsuit, which has not yet proceeded to hearings. The company is also facing another civil lawsuit in California from Australian billionaire Andrew Forrest. 

He alleges that Meta facilitated the distribution of numerous fraudulent cryptocurrency ads using his likeness, highlighting the ongoing issues that have been since he first alerted the platform to these scams in 2019.

David Agranovich, Meta’s director of threat disruption, acknowledged the early stages of their collaboration with Australian banks during a media briefing. He said even a small number of significant reports could lead to the identification of broader fraudulent activities.

Regarding the proposed anti-scam legislation, Agranovich stated that Meta is still reviewing the draft, promising further updates in due course. Rhonda Luo, the head of strategy and engagement at the Australian Financial Crimes Exchange, emphasised the importance of proactive industry measures to stay ahead of scams, rather than merely reacting to regulatory changes.

Taking out all advertisements from Skype channels and the entire platform, the updates come with the goal of giving users a smoother and more enjoyable interface. 

This is a response to user feedback, with Skype product manager Irene Namuganyi highlighting that the aim is to create a more user-friendly environment free from distractions.

In addition to the removal of ads, the update introduces several new features. For users of Skype on Windows and macOS, improved image creation tools are now available. 

These tools allow users to access AI-generated images within chat windows, with expanded viewing options. The update also brings enhanced design elements that better align with macOS aesthetics, along with bug fixes, including issues related to sending photos and videos over 5G.

For iOS users, Microsoft has integrated OneAuth, enabling automatic sign-in to Skype if users are already logged into another Microsoft app. This integration aims to boost the user experience and enhance convenience.

While the update has removed ads from the main chat interface and channels, the ‘Today’ section remains, complete with its MSN-powered news feed. Users can disable this feature in the settings if desired.

The changes are being rolled out gradually, and users are encouraged to provide feedback through the Skype community or the app itself.

Major companies like General Mills Inc. and luxury automaker Audi of America announced on Thursday have suspended their Twitter advertising.

United Airlines Holdings Inc joined the list of companies that are suspending ad spending on Twitter, a United spokeswoman confirmed late on Friday.

Elon Musk, who is now the current CEO of Twitter, has taken certain decisions, such as laying off staff and planning to charge users for the verified blue tick.

These moves have been controversial subjects for Twitter users across the globe.