Major domestic banks are suspending their advertising on Facebook due to concerns over rampant financial scams on the social media platform.
Mega Financial Holding Co, along with its subsidiaries and other local banks, is pulling its ads from the global social network, chairman Ray Dawn (董瑞斌) told reporters yesterday.
The bank has already stopped advertising on Facebook, after spending about NT$16 million (US$493,523) on ads hosted on it annually, he said.
Photo: AFP
The surprise move follows growing pressure on social media leaders to do more to curtail online scams, which are on the rise, especially in economies with aging populations.
While the amounts in Taiwan are small, the concerted action taken by the nation’s lenders could encourage institutions elsewhere to apply real financial pressure on Meta and its peers.
“There have been endless scams on Facebook, with some fraudsters assuming the identities of banks. We hope Facebook can prioritize resolving this issue, so we will withdraw advertising on the platform with other banks in Taiwan,” Dawn said.
Ten local banks, including Mega and Shanghai Commercial and Savings Bank (SCSB), are to join the campaign, he added.
An SCSB spokesman confirmed the joint action with Mega and said the bank had also pulled its advertisements from Facebook, although he declined to comment on SCSB’s spending on the platform.
A Meta representative did not immediately respond to requests for comment.
“We will stop advertising through Internet influencers,” CTBC Financial Holding Co president and spokeswoman Rachael Kao (高麗雪) said on an earnings call.
“We are willing to take down advertisements that are not from verified accounts,” Kao said.
The Ministry of the Interior in August said that online investment scams are the top cause for the loss of assets among the Taiwanese public.
In July, among all reported scam cases, 97.9 percent of the victims saw fraudulent ads first on Facebook, and 2.1 percent on Alphabet Inc’s Google, the ministry said.
Palauan President Surangel Whipps Jr arrived in Taiwan last night to kick off his first visit to the country since beginning his second term earlier this year. After arriving at Taoyuan International Airport at around 6:30 pm, Whipps and his delegation were welcomed by Minister of Foreign Affairs Lin Chia-lung (林佳龍). Speaking to gathered media, the Palauan leader said he was excited and honored to be back in Taiwan on his first state visit to Taiwan since he was sworn in this January. Among those traveling with Whipps is Minister of State Gustav N. Aitaro, Public Infrastructure
President William Lai (賴清德) yesterday thanked Palau for its continued support of Taiwan's international participation, as Taipei was once again excluded from the World Health Assembly (WHA) currently taking place in Switzerland. "Palau has never stopped voicing support for Taiwan" in the UN General Assembly, the WHO and other UN-affiliated agencies, Lai said during a bilateral meeting with visiting Palau President Surangel Whipps Jr. "We have been profoundly touched by these endorsements," Lai said, praising the Pacific island nation's firm support as "courageous." Lai's remarks came as Taiwan was excluded for the ninth consecutive year from the WHA, which is being held in
RESOLUTIONS DEBATE: Taiwan’s allies said that UN and WHA resolutions cited by China and other nations ‘do not determine Taiwan’s participation in WHO activities’ A proposal to invite Taiwan to this year’s World Health Assembly (WHA) was rejected on Monday, resulting in Taipei’s absence from the annual meeting for a ninth consecutive year, although partners spoke up for Taiwan’s participation at the first day of the meeting. The first agenda item after the opening was a “two-on-two debate” on a proposal to invite Taiwan to participate at the WHA as an observer. Similar to previous years, two countries made statements in favor of the proposal, while two others expressed their opposition. Philippine Secretary of Health Teodoro Herbosa, president of the 78th WHA, accepted the WHA General Committee’s
At least three people died and more than a dozen were injured yesterday afternoon when a vehicle struck a group of pedestrians in New Taipei City’s Sansia District (三峽). The incident happened at about 4pm when a car rammed into pedestrians at an intersection near Bei Da Elementary School. Witnesses said the sedan, being driven at a high speed, ran a red light, knocking scooters out of the way and hitting students crossing the road before careening into a median near the intersection of Guocheng and Guoguang streets. The incident resulted in three deaths and 13 injuries, including the driver, a 78-year-old man
RSS