Businesses to require financial services licence number to post Facebook ads while individuals will need government-issued ID
The advertisers will also need to verify the business by uploading business documents. The person doing this will need to verify they work for the business, such as by supplying a work email address.
Scams have cost Canadians $503M YTD and the attack vector is often via digital platforms (Facebook, Instagram, Google, TikTok).
An attack I often see is SEO poisoning where fraudsters impersonate legitimate businesses in Google/Bing ads to drive traffic to their phishing sites. Banking login credentials and OTPs are then easily obtained and funds are depleted.
Canadian regulators should require digital platforms to verify advertisers to protect Canadians.
It’s an easy no brainer.