Moniepoint Hits $1B Valuation with $110M Funding
Nigerian fintech startup Moniepoint raises $110M, tripling valuation to $1B, becoming Africa's 8th unicorn
Bizbooq
In a bid to combat the growing menace of celebrity scam ads, Meta is expanding its tests of facial recognition technology as an anti-scam measure. The Facebook owner announced that it will use facial recognition to bolster its existing anti-scam measures, making it harder for fraudsters to dupe users into clicking on bogus ads.
The technology will be used to compare faces in ads against public figures' Facebook and Instagram profile pictures, blocking ads that are deemed scams. Early tests have shown promising results in detecting and enforcing against this type of scam. Additionally, Meta is testing the use of facial recognition to spot celebrity imposter accounts and to enable faster account unlocking for users who have been locked out of their accounts.
The move is significant as Meta has faced criticism for failing to stop scammers from misappropriating famous people's faces to promote dubious investments and other scams. The use of facial recognition technology could be a game-changer in the fight against online fraud.
Nigerian fintech startup Moniepoint raises $110M, tripling valuation to $1B, becoming Africa's 8th unicorn
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