8.6 C
New York
Thursday, October 6, 2022
Home Challanger banks Starling has stopped advertising on Facebook and Instagram

Starling has stopped advertising on Facebook and Instagram

The CEO Anne Boden says the company won’t advertise on Facebook or Instagram ‘alongside scammers who are going after the savings of our customers.

Read also: Revolut Bank has been granted a full banking license in Lithuania

Anne Boden said she has “repeatedly called out” social media giants for allowing financial fraudsters to advertise and post content on their platforms, which results in “people being scammed out of their savings” every day.

Last August, Google decided to stop accepting ads from financial services firms unless they can prove they are authorized by the UK’s Financial Conduct Authority (FCA). This is not the case for Meta.

“Promoting financial scams is against our policies and we’re dedicating significant resources to tackling this industry-wide issue on and off our platforms,” says a Meta spokesperson.

“To fight this, we work not just to detect and reject scam ads on our services, but also block advertisers. While no enforcement is perfect, we continue to invest in new technologies and methods to protect people on our service from these scams.”

However, Meta has announced, that it will follow Google’s example.

“This is good news,” said Boden, adding that until something similar takes effect “we’ve stopped all paid advertising on Facebook and Instagram”.

The Starling CEO has also been pressuring the U.K. government to address financial fraud in the Online Safety Bill. This represents a set of legislation that seeks to tackle the spread of harmful content on digital platforms.

The Online Safety Bill would place a duty of care on Big Tech companies such as Meta and Google, requiring them to take action against harmful and illegal material.

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

Monzo gives its lowest-paid employees £1,000 cost of living payment

Digital bank Monzo is giving staff who earn less than £40,000 per year a one-off payment of £1,000 to help them cope with the cost of living.

N26 incorporates Bizum for its customers in Spain

The N26, a German digital bank, now also integrates Bizum among its payment methods, as for example, Orange Bank did in January 2021.

Klarna is set to make second round of job cuts

Swedish BNPL company Klarna Bank AB announced it will slash jobs once again after losing $39 billion of its valuation.

Revolut has become the most searched online bank in Europe

Revolut has become the winner in a study by CMC Markets that has analysed the most heavily searched European online banks and fintechs.