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Japan to toughen screening of social media ads amid investment scams
The Japanese government decides to call on social media operators to toughen the screening of ads on their platforms amid a growing number of false investment ads using fake endorsements from celebrities.
The measure is part of a government crackdown on a surge in social media scams soliciting investments, with the operators being urged to create guidelines for the vetting of ads and disclose such criteria. The government demanded that firms, such as Meta Platforms Inc. of the United States, hire employees who understand the Japanese language and culture to ensure a better screening process for social media ads. The steps came after Japanese billionaire Yusaku Maezawa, founder of online fashion retailer Zozo Inc., and entrepreneur Takafumi Horie, demanded in April that action be taken against social media scams after their names were used without their permission in soliciting investments.
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