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Meta projected last year that 10% of its annual revenue — $16 billion — would come from fraudulent ads on its apps, according to Reuters. Documents cited by Reuters say the company failed for three years to shield users from ads for illegal gambling, investment schemes, and banned medical products. Meta deactivates advertisers only when 95% sure of fraud; otherwise it raises their ad prices, which can lift revenue if they keep buying. TechCrunch didn’t get comment before publication. Meta’s Andy Stone called the documents selective, noting a 58% drop in scam reports and 134 million removals.

Prepared by Christopher Adams and reviewed by editorial team.