Thank you, Mr. Chair.
Thank you to our witnesses for joining us today for this very important study.
I couldn't help but notice that many of the recommendations coming from Meta and Madam Quaid were very similar.
Mr. Shipley, you referenced the Reuters report. I'm going to talk a bit about that and then ask questions of the folks at Meta.
Meta projected that roughly 10% of its revenue in 2024 would come from ads tied to scams, banned goods or misleading content.
Mr. Camfield, you talked about removing over 159 million scam ads last year alone. These same documents indicate that Meta users were reportedly served 15 billion high-risk scams daily, often letting them run unless 95% fraud certainty was detected.
My question to you is this. For less certain violations, Meta instead charged higher ad rates to deter offenders who were effectively still profiting from the potential fraud. Why is Meta's threshold for confidently identifying a scam so high? Why is it 95%?