Risky Bulletin Srsly Risky Biz: Meta's fraud profit scandal
Nov 13, 2025
Tom Uren, a policy and intelligence editor, dives into Meta's alarming $16 billion profit from scam ads, revealing the internal incentives that keep fraud thriving. He discusses how Meta's high denial threshold and algorithmic engagement create perverse incentives for scammers. The conversation shifts to restrained state-backed supply chain attacks and why some intrusions weren't weaponized. Lastly, Uren highlights the UK's pause on intelligence sharing with the US over concerns regarding legality in operations against suspected drug boats.
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Meta Profits From Scam Ads Outweigh Fines
- Meta predicts about $16 billion in scam-ad revenue for 2024, dwarfing likely regulatory fines.
- Internal incentives and high detection thresholds (95% certainty) encourage letting many scam ads run.
Higher Rates Create Perverse Scam Incentives
- Meta charges higher rates for ads it flags as suspicious, which perversely increases scam profitability.
- A small internal revenue-loss cap (about $135M) limits how much the company will block.
Whistleblower Feel To Reuters' Documents
- Reuters received internal Meta documents that feel like a whistleblower disclosure.
- Amberleigh Jack and Tom Uren applaud whoever provided the documents for exposing the issue.