Goldman-backed digital bank Sterling boycotts meta with fraudulent ads

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Igor Golovnioff | SOPA Images | LightRocket | Getty Images

London — UK digital bank Sterling says it’s boycotted Facebook The parent company Meta did not tackle fraudulent financial advertising.

Anne Boden, CEO and founder of Starling, said her company would stop paying for ads on Facebook and Instagram while the scammers were targeting their customers.

Bowden has pressured the UK government to deal with financial fraud with an online security bill, a set of legislation aimed at addressing the spread of harmful content on digital platforms.

Online safety bills are meta GoogleDemand them to take action against harmful and illegal material. Otherwise, you run the risk of facing a penalty of £ 18 million ($ 24 million) or 10% of the world’s annual revenue, whichever is higher.

Last month, a committee of lawmakers scrutinizing the bill recommended that the new law should cover fraudulent advertising. The Financial Conduct Authority in the United Kingdom has previously issued warnings about advertising that encourages investment fraud. This includes, for example, cryptocurrency scammers who use images of celebrities to deceive consumers.

August, Google Stopped accepting ads for financial services Unless the advertiser is approved by the UK Financial Conduct Authority or is eligible for certain tax exemptions. According to Bowden, Meta has also proposed to strengthen its financial advertising policy, but nothing has been announced yet.

A Meta spokesperson didn’t get immediate comments.

In an annual letter issued Thursday, Bowden said: “”

Bowden also sought to rebrand Facebook to Meta and pivot to the so-called “Metaverse,” a shared virtual reality where users can interact with each other.

“This is wrong when we read that Facebook’s next big project, the Metaverse, is projected to be a major driver of financial and DeFi (decentralized finance) growth beyond the 2020s. I know it’s likely to be both right, “she said, Attempt by one bank Provide advice to customers in the much talked about virtual world Second Life.

Second Life, which failed to take off significantly, is now considered a precursor to the Metaverse.

“Facebook may fulfill all sorts of promises for the future, but focusing on the Metaverse distracts us from doing the right thing today, here, and now in the UK in 2022. I really hope it doesn’t happen, “Boden added. ..

Founded in 2014, Starling will become one of the UK’s largest digital banking brands with a customer base of 2.7 million. With 475,000 business accounts, the company also manages a 7% share of the UK business banking market.

Banks count Goldman Sachs, Qatar Investment Authority and fidelity As an investor, And was The final value is $ 1.5 billion.. Its competitors include Revolut and Monzo. These were finally personally valued at $ 33 billion and $ 4.5 billion, respectively.

Bowden’s attempt to put pressure on Meta to take action against online scams is: Mass boycotts from major brandsIn 2020, we temporarily stopped advertising on Facebook because we didn’t do enough to censor hate speech.

Goldman-backed digital bank Sterling boycotts meta with fraudulent ads

Source link Goldman-backed digital bank Sterling boycotts meta with fraudulent ads

The post Goldman-backed digital bank Sterling boycotts meta with fraudulent ads appeared first on Eminetra.

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