Why these Taiwanese banks are removing their ads from Facebook

Major banks in Taiwan are suspending advertising on Facebook due to concerns over the prevalence of financial scams on the social media platform. According to a report by Bloomberg, Mega Financial Holding Co, along with its subsidiaries and other local banks, are pulling their ads from the social media giant. Mega Financial’s chairman Ray Dawn also stated that the bank has already stopped advertising on Facebook, where it previously spent nearly NT$16 million (almost Rs 4 crore) annually. This decision reflects growing concerns about the platform’s ability to control fraudulent activity.