KUALA LUMPUR: Private equity firm Creador has slammed social media giant Meta for being too slow in taking down fraudulent posts from its platforms, making vulnerable Malaysians the victims of scammers.
In a statement, Creador's founder Brahmal Vasudevan said scammers have also impersonated the company and its registered non-profit Creador Foundation to lure Meta's social media users through sponsored posts promoting investment seminars and offering investment advice.
“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. We are concerned that Meta is not cracking down hard enough. Allowing these sponsored posts to be published is unacceptable,” Brahmal said.
“Meta has profited from these frauds by allowing sponsored posts which impersonate Creador and other organisations and well-known figures. Creador has already issued a letter of demand to Meta, and if it does not take this seriously, we will take legal action,” he added.
Creador first reported these fraudulent posts to Meta's platforms in March, containing links which direct victims to a Whatsapp chat with someone impersonating Brahmal.
The impersonator would later share links which ostensibly promote an upcoming initial public offering (IPO) but direct victims to a fraudulent website where they are asked to transfer funds to accounts of companies unrelated to Creador.
“Meta has not acted quickly enough to remove all such posts despite Creador’s reports and complaints through the channels on Facebook and Instagram, which found its own Facebook page had been suspended instead with no reason given
“Meta is not responsive enough to complaints of impersonation and scams. Its system for reporting such cases is ineffective. Meta has failed to even enforce its own Community Standards which prohibit impersonation,” said Brahmal.
