KUALA LUMPUR, July 1 — Social media giant Meta’s delay in removing fraudulent posts from its platforms worsens the risk of potential victims to scams, said private equity firm Creador that is threatening legal action over the matter.

Creador said its founder, Brahmal Vasudevan, and its non-profit foundation have been impersonated on Facebook, Instagram and WhatsApp to lure users with fake investment opportunities.

“Vulnerable people, especially the elderly, are losing money to these scams. They must be protected from scammers who are allowed to advertise on these platforms,” Brahmal said in a statement.

He said Meta was profiting from these scams by allowing sponsored posts impersonating Creador and other well-known figures.

Creador said it has sent a letter of demand to Meta, adding that it would pursue legal action if the firm does not respond satisfactorily.

The firm said it has reported the matter to Meta since March, including links to posts that direct victims to a WhatsApp chat with someone impersonating Brahmal.

Despite these reports, Meta has not removed all such posts, and Creador’s own Facebook page was suspended without explanation.

Brahmal also criticised Meta’s reporting system as ineffective and not responsive enough to impersonation and scam complaints.

He said Meta initially left the scam posts up and insisted they did not violate its Community Standards, only taking action after Creador appealed to Meta’s Oversight Board.

Although some posts were removed in April, however, Creador said new fraudulent posts with similar impersonations appeared in June.

https://www.malaymail.com/news/malaysia/2024/07/01/metas-slow-response-letting-scammers-run-rampant-on-its-platforms-says-investment-firm/142347