Cyber Crime
Meta Strikes Back: 2 Million Scam Accounts Shut Down in Battle Against $75 Billion Fraud Epidemic
In a significant move to combat online financial fraud, Meta (META, Financial) announced that it has shut down over 2 million accounts linked to “pig butchering” scams in 2024. These scams, which involve criminals tricking victims into investing in fraudulent ventures such as fake cryptocurrency or forex schemes before disappearing with their money, are considered among the most harmful crimes on the internet today.
For the past two years, Meta has adopted a proactive strategy to tackle these schemes, focusing on hotspots like Cambodia, Myanmar, Laos, the UAE, and the Philippines. By combining real-time feedback mechanisms with advanced technology, Meta’s systems can quickly identify and block suspicious activity while learning to improve detection methods.
In addition to account removals, Meta has collaborated with major companies to combat various forms of online scams. Earlier this year, the company joined forces with organizations such as Match Group and Coinbase to form a coalition dedicated to fighting online financial fraud. This partnership was recently put to the test when OpenAI alerted Meta to a new scam operation originating in Cambodia.
With an estimated $75 billion lost globally to scams of this nature by 2020, the stakes are high. Meta’s ongoing efforts underscore the importance of safeguarding users from increasingly sophisticated and widespread fraudulent activities on social media platforms.