Westpac’s chief executive Anthony Miller has slammed Facebook-owner Meta for allowing the illegal sale of bank accounts on the social media platform and for making billions of dollars in profits from adverts that promote financial scams.

Speaking at a parliamentary Economics Committee on Tuesday afternoon, Mr Miller said Meta made a significant shares of its total advertising revenues from financial scams on its platforms, but showed little appetite to clamp down on the problems.

“Meta made $16 billion in ad revenue globally as a a result of ads for what were effectively just scams,” he told lawmakers.

“When we’ve identified a scam through engaging with customers we let the [social] media platforms know, but it’s fair to say the response is not always where we would like it to be, and h

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