Scams are becoming increasingly sophisticated due to the advancement of artificial intelligence. To combat the rising financial losses suffered by victims in Australia, Meta has introduced a new tool called the Fraud Intelligence Reciprocal Exchange (FIRE).
Australia experienced a surge in celebrity deepfake scams promoting investments during the ongoing crypto boom. These scams utilized fabricated images of Australian celebrities like Gina Rinehart and Larry Emdur, as reported by The Guardian. Some schemes, such as one involving a deepfake image of animal activist Robert Irwin in handcuffs, conveyed a conspiratorial narrative suggesting that law enforcement was hiding financial secrets.
The FIRE tool is a collaborative venture between Meta and banks aimed at gathering information on online scams. Within its first six months, it led to the removal of 8,000 pages and 9,000 celebrity scams on Facebook, according to a report by The Guardian. Australians reported losses totaling $43.3 million (approximately $30 million USD) from social media scams between January and August, as per data from the Australian government service Scamwatch.
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Online scams pose a growing issue in Australia and globally. According to the Australian Competition & Consumer Commission, losses from social media scams surged by 16.5 percent to $93.5 million (around $64 million USD) in the past year. The FIRE initiative is funded by Meta and managed by Meta employees.
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“Meta has a crucial responsibility to combat scams targeting Australians on our platforms,” stated David Agranovich, Policy Director, Global Threat Disruption at Meta, as quoted by News.com.au. “In addition to investing in our own tools and technology we are working with government and industry partners to fight this scourge. Scams often cut across multiple industries, and the Australian Financial Crimes Exchange has been an invaluable partner to help identify and take action against scams targeting Australians.”
How to avoid scams online
Mashable has provided extensive guidance on avoiding scams. Generally, if you encounter a questionable image, such as a celebrity being arrested, it is advisable to verify its authenticity. Exercise caution with suspicious links and refrain from sharing financial information.
Remain vigilant at all times, as scammers will persist in their activities. “Scammers aren’t going to stop their activities,” Agranovich of Meta emphasized. “Once we’ve blocked them, they’ll look for new ways to come back, new ways to get around our defenses, which is why continued information sharing like this is so critical,” as reported by The Guardian.
