Noticed more scams circulating on social media ads? So has the Federal Trade Commission. On Thursday, the FTC voted 4-0 to investigate(Opens in a new window) the problem, citing a surge in consumers falling for fraud perpetrated over social media ads.
To tackle the issue, the US regulator is issuing orders(Opens in a new window), demanding eight social media platforms submit data on how they try to stop fraudsters from exploiting their ads.
The platforms include Facebook, Instagram, Pinterest, Twitter, YouTube, Twitch, Snapchat and TikTok. The FTC also notes all the companies are legally required to comply with the data request.
By essentially subpoenaing the social media platforms, the FTC is aiming to create a study that’ll examine the entire scope of the problem, including how scammers are beating the safeguards to circulate their fraudulent ads.Read more on pcmag.com