From the 5/18 WSJ Technology newsletter:
Unfortunately, Meta’s platform has been overtaken by fraudsters to the point that the interbank consortium behind Zelle and payments regulators worldwide say it’s become the prime source of online fraud. Meta alone constituted nearly half of all Zelle fraud between the summer of 2023 and 2024.
Meta says it’s devoting more resources to addressing scams, and points to the rise of international crime organizations that run corporate-sized scam compounds staffed by human-trafficking victims in Southeast Asia as the underlying cause. Where do those criminal networks get their labor supply, according to experts? Scam job ads on social media.
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