Goldman Sachs-backed digital bank Starling resists Meta’s fraudulent advertisements

The Facebook and Instagram logos displayed on the smartphone, with the Meta Platforms logo in the background.

Igor Golovneov | SOPA Image | Light Rocket | Getty Images

London-British digital bank Starling says it is boycotting Facebook The parent company Meta failed to resolve fraudulent financial advertisements.

Anne Boden, CEO and founder of Starling, stated that when scammers target its customers, her company will no longer pay for ads on Facebook and Instagram.

Boden has been pressing the British government to resolve the financial fraud problem in the Online Security Act, a comprehensive set of legislation aimed at addressing the spread of harmful content on digital platforms.

The Online Security Act will impose restrictions on large technology companies such as Meta and Google, Asking them to take action against harmful and illegal materials. Companies that fail to do so will face a fine of 18 million pounds (US$24 million) or 10% of global annual revenue, whichever is higher.

Last month, a committee of legislators reviewing the bill recommended that new legislation should cover fraudulent advertising. The UK Financial Conduct Authority has previously warned against advertisements promoting investment fraud. For example, they include cryptocurrency scammers who use images of celebrities to deceive consumers.

August, Google Stop accepting financial service advertisements Unless advertisers are authorized by the UK Financial Conduct Authority or are eligible for certain exemptions. According to Boden, Meta has hinted that it will also tighten financial advertising policies, but has not announced any news.

A spokesperson for Meta could not be immediately reached for comment.

In an annual letter issued on Thursday, Borden said: “We want to protect our customers and our brand integrity. And we can no longer spend money on the platform to advertise on the platform with scammers. The scammers are chasing us. Savings of customers and other banks.”

Boden also took aim at Facebook’s rebranding of Meta and its shift to the so-called “Meta Festival”, which is a shared virtual reality where users can interact with each other.

“When I read that Facebook’s next big project, Metaverse, is expected to be the main driving force for the growth of finance and DeFi (decentralized finance) in the 2020s and beyond, I knew it might be wrong and correct,” she said , Cited a A bank’s attempt Advise its clients in the much-hyped virtual world “Second Life”.

“Second Life” failed to achieve great success and is now regarded by some as the pioneer of the meta universe.

“Although Facebook (Meta) may make various promises for the future, I really hope that its focus on Metaverse will not distract people from doing the right thing in the UK now and now in 2022,” Boden added.

Established in 2014, Starling has become one of the largest digital banking brands in the UK, with a customer base of 2.7 million. The company has 475,000 business accounts and also controls 7% of the UK commercial banking market.

Bank calculation Goldman Sachs, Qatar Investment Authority and Fidelity As an investorAnd is Final valuation of 1.5 billion U.S. dollarsIts competitors include companies such as Revolut and Monzo, whose last private valuations were respectively US$33 billion and US$4.5 billion.

Boden tries to force Meta to take action against online fraud Mass boycott of big brands, Due to insufficient censorship of hate speech, the company suspended advertising on Facebook in 2020.