On Wednesday, Facebook’s parent company Meta Platforms (META) announced the removal of thousands of Instagram accounts involved in sextortion scams. In a blog post, Meta revealed that it had taken down 63,000 accounts, including a network of 2,500 accounts managed by about 20 individuals targeting both adults and minors in the U.S.
Meta identified these accounts as part of a group known as Yahoo Boys, based in Nigeria, which specializes in financial scams. However, these scammers were also targeting U.S. adults and minors, prompting Meta to report the issue to the National Center for Missing and Exploited Children.
What Is Sextortion?
Sextortion scams involve perpetrators initiating fake romantic relationships on social networks. They request nude photos or videos from victims, and then once they receive the photos or videos, they threaten to release them unless a ransom is paid.
How Is Meta Preventing Sextortion?
Meta’s automated systems detected most scam accounts before they could cause harm. Additional investigative methods were used to identify and remove the remaining accounts. Antigone Davis, Meta’s global head of safety, highlighted the company’s efforts to raise awareness and deter such scams.
Moreover, Meta removed 7,200 Facebook assets related to these scams, including 1,300 accounts, 200 pages, and 5,700 groups. The company is also implementing features like on-device nudity protection, which automatically blurs nudity in direct messages on platforms like Instagram. Additionally, Meta is using technology to detect and alert users to suspicious accounts.
Is Meta a Good Stock to Buy?
Analysts remain bullish about META stock, with a Strong Buy consensus rating based on 39 Buys, three Holds, and two Sells. Over the past year, META has increased by more than 60%, and the average META price target of $539.59 implies an upside potential of 14.9% from current levels.
