Meta has introduced stringent verification requirements for advertisers promoting financial products and services to Australian consumers. The goal is to enhance transparency and curb misleading practices on Facebook and Instagram.
Under the new rules, advertisers must verify their beneficiary and payer information, including their Australian Financial Services Licence (AFSL) number, before running financial services ads. Verified ads will feature a “Paid for By” disclaimer containing the verified information of the advertiser and payer, including the licence number or exemption. They will also be visible in the Meta Ad Library while active, allowing for greater scrutiny and accountability.
The requirements apply to ads promoting financial services such as insurance products, mortgages, loans (both short and long-term), investment opportunities, credit cards, and applications. Advertisers must complete the verification process before publishing any qualifying ads, with the rules set to roll out in February 2025.
Will Easton
A step forward in combating scams in Australia
This initiative forms part of Meta’s commitment as a founding signatory of the Australian Online Scams Code, introduced by the Digital Industry Group Inc (DIGI) in July 2024. The Code provides a framework for technology companies to combat scams in Australia, with advertiser verification playing a key role in protecting consumers.
“Meta recognises the devastating impact that finance and investment scams can have on Australian consumers,” said Will Easton, managing director of Meta ANZ. “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, echoed this sentiment, stating, “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.”
Building on broader anti-scam efforts
This announcement comes as Meta ramps up its anti-scam measures in Australia. The tech giant has recently tested facial recognition technology to combat celebrity endorsement scams, partnered with the Australian Financial Crimes Exchange (AFCX) to share intelligence through the Fraud Intelligence Reciprocal Exchange (FIRE), and rolled out verification for new advertisers in the country.
What this means for advertisers and marketers
For marketers in Australia, these changes highlight the increasing need for transparency and compliance in digital advertising. Ensuring proper verification not only meets Meta’s new requirements but also builds trust with audiences wary of financial scams. It’s a reminder that maintaining integrity in financial advertising is no longer optional—it’s a necessity.
As financial advertising becomes more tightly regulated, marketers and advertisers must be proactive in adopting these changes. Doing so not only safeguards consumer trust but reinforces the value of legitimate financial services in a market where scams have caused widespread damage.