Facebook axes 16,000 groups for trading fake reviews after UK intervenes
- Wall St ends lower, pulled down by tech stocks
- AT&T (T) to Merge Media Assets with Discovery (DISCA) in Blockbuster Deal, Valuation Estimated at $150 Billion
- Buffett's Berkshire Hathaway Enters Aon plc (AON), Sells Most of Wells Fargo (WFC) Stake
- Bitcoin (BTC) Hits 3-Month Lows Before Bouncing as Musk Confirms Tesla Has Not Sold Any BTC
- Morgan Stanley Sees a Path for Amazon.com (AMZN) to Hit $6,000 In the Next 12 Months
FILE PHOTO: A 3D-printed Facebook logo is seen placed on a keyboard in this illustration taken March 25, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
(Corrects headline, paragraph 1 to say Facebook "removes", not "suspends", 16,000 "groups", not "accounts")
(Reuters) - Social media company Facebook Inc removed 16,000 groups for selling or buying fake reviews of products and services on its platforms, after the Britain's competition watchdog intervened for the second time, the regulator said.
U.S.-based Facebook also made further changes to detect, remove and prevent paid content which could mislead users on its platforms, including popular photo-sharing app Instagram, UK's Competition and Markets Authority (CMA) said on Friday.
"We have engaged extensively with the CMA to address this issue. Fraudulent and deceptive activity is not allowed on our platforms, including offering or trading fake reviews," a Facebook representative said.
The CMA began a crackdown on false reviews from 2019 when it first asked Facebook and e-commerce platform eBay Inc to check their websites after it found evidence of a growing marketplace for misleading customer reviews on the platforms.
Facebook has also been under scrutiny by the CMA for antitrust concerns over the technology company's acquisition of GIF website Giphy. It has been under pressure the world over for its data sharing practices as well as fake news and hate speech.
"The pandemic has meant that more and more people are buying online, and millions of us read reviews to enable us to make informed choices when we shop around. That's why fake and misleading reviews are so damaging," said CMA Chief Executive Andrea Coscelli.
CMA's crackdown on Facebook coincides with Britain's efforts to set up a dedicated digital markets unit within the regulatory authority to specifically look at governing digital platforms.
(Reporting by Pushkala Aripaka and Yadarisa Shabong in Bengaluru; Editing by Bernard Orr and Shinjini Ganguli)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- U.S.-EU metals talks avert tariff hike on American motorcycles, whiskey
- Aboriginal group says committed to improving ties with Rio a year after cave disaster
- Tencent Music says facing increased China scrutiny, is committed to laws
Create E-mail Alert Related CategoriesGeneral News, Reuters
Related EntitiesDefinitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!