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Tech Giants Fight Fake News: Google, Facebook Lead the Race
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Alphabet, Inc.’s (GOOGL - Free Report) Google is making it mandatory for all advertisers to verify their identity before buying any advertising space on its platform, the company said on Apr 23. Also, Facebook, Inc. removed a category called pseudoscience as an option for advertisers that was available until early this week.
Google’s new advertising rules will come to effect this summer. The change in advertising rules and policy by Google and Facebook is in a bid to curb misinformation and fake news. Tech companies have often drawn the ire of regulators for the way they handle advertisements and have been held responsible for not having stricter rules to check fake news. The decision to come up with stricter rules comes at a time when social media is replete with misinformation and fake news related to the COVID-19 pandemic.
Google, Facebook Fight Misinformation
Google in a blog post said that all advertisers, from this summer, will be required to submit personal identification and business incorporation documents to prove their identity and the country in which they operate. Existing customers too will have to comply with the new rules, failing which their ads will be suspended till they complete verification. Customers will now be allowed to see who’s running the ads and their origin.
Until now, the verification process was a must only for political advertisers running election ads on Google. This process is often used to filter out low-quality advertisers, such as those trying to sell fake masks and treatments amid the ongoing pandemic.
Similarly, Facebook also removed pseudoscience as an option for advertisers that want to target audience. It has also put a pause on a few other interest categories. The social media giant removed the pseudoscience category from its detailed targeting list on Wednesday after tech news site Markup showed that it was allowing such ads even after saying that it would police coronavirus-related misinformation on its platform.
Fake News Policing Continues
Misinformation related to COVID-19 ranging from conspiracy theories to fake treatments has flooded social media platforms. So much so, that in March, scammers from different countries started sending WhatsApp messages claiming services such as Netflix, Inc. (NFLX - Free Report) and Amazon.com, Inc.’s (AMZN - Free Report) Amazon Prime will offer free streaming during lockdown. Netflix has a Zack Rank #2 (Buy), while Amazon, Facebook and Google each carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Tech giants have already been under regulatory scrutiny for the way they handle personal data. Also, their policy related to political ads has been questioned. They have often been held responsible for not being able to curb fake news.
That said, earlier this month, Facebook launched a service in Italy that will allow users to verify the authenticity of any information related to the novel coronavirus. Google is also pumping in $6.5 million into fact-checkers and nonprofits to ramp up its fight against coronavirus-related misinformation.
Twitter, Inc. has removed more than 1,100 misleading and potentially damaging tweets since Mar 18 after it announced a new guidance that bars content which could prove to be harmful.
Earlier this month, Microsoft Corporation (MSFT - Free Report) and Arizona State University researchers published an AI framework that leverages engagement and social media signals to detect fake news.
Needless to say, technology companies have all of a sudden gained prominence given the effort they are putting in to fight both coronavirus and misinformation related to the pandemic.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Image: Bigstock
Tech Giants Fight Fake News: Google, Facebook Lead the Race
Alphabet, Inc.’s (GOOGL - Free Report) Google is making it mandatory for all advertisers to verify their identity before buying any advertising space on its platform, the company said on Apr 23. Also, Facebook, Inc. removed a category called pseudoscience as an option for advertisers that was available until early this week.
Google’s new advertising rules will come to effect this summer. The change in advertising rules and policy by Google and Facebook is in a bid to curb misinformation and fake news. Tech companies have often drawn the ire of regulators for the way they handle advertisements and have been held responsible for not having stricter rules to check fake news. The decision to come up with stricter rules comes at a time when social media is replete with misinformation and fake news related to the COVID-19 pandemic.
Google, Facebook Fight Misinformation
Google in a blog post said that all advertisers, from this summer, will be required to submit personal identification and business incorporation documents to prove their identity and the country in which they operate. Existing customers too will have to comply with the new rules, failing which their ads will be suspended till they complete verification. Customers will now be allowed to see who’s running the ads and their origin.
Until now, the verification process was a must only for political advertisers running election ads on Google. This process is often used to filter out low-quality advertisers, such as those trying to sell fake masks and treatments amid the ongoing pandemic.
Similarly, Facebook also removed pseudoscience as an option for advertisers that want to target audience. It has also put a pause on a few other interest categories. The social media giant removed the pseudoscience category from its detailed targeting list on Wednesday after tech news site Markup showed that it was allowing such ads even after saying that it would police coronavirus-related misinformation on its platform.
Fake News Policing Continues
Misinformation related to COVID-19 ranging from conspiracy theories to fake treatments has flooded social media platforms. So much so, that in March, scammers from different countries started sending WhatsApp messages claiming services such as Netflix, Inc. (NFLX - Free Report) and Amazon.com, Inc.’s (AMZN - Free Report) Amazon Prime will offer free streaming during lockdown. Netflix has a Zack Rank #2 (Buy), while Amazon, Facebook and Google each carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Tech giants have already been under regulatory scrutiny for the way they handle personal data. Also, their policy related to political ads has been questioned. They have often been held responsible for not being able to curb fake news.
That said, earlier this month, Facebook launched a service in Italy that will allow users to verify the authenticity of any information related to the novel coronavirus. Google is also pumping in $6.5 million into fact-checkers and nonprofits to ramp up its fight against coronavirus-related misinformation.
Twitter, Inc. has removed more than 1,100 misleading and potentially damaging tweets since Mar 18 after it announced a new guidance that bars content which could prove to be harmful.
Earlier this month, Microsoft Corporation (MSFT - Free Report) and Arizona State University researchers published an AI framework that leverages engagement and social media signals to detect fake news.
Needless to say, technology companies have all of a sudden gained prominence given the effort they are putting in to fight both coronavirus and misinformation related to the pandemic.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>