Starling Bank’s chief executive Anna Boden has announced that her company will exercise a boycott of both Facebook and Instagram, in a letter to shareholders.
Boden cited the behaviour of rampant scammers on both platforms as the reason for the self-imposed ban.
“We want to protect our customers and our brand integrity,” Boden told investors.
“And we can no longer pay to advertise on a platform alongside scammers who are going after the savings of our customers and those of other banks.”
She also pointed out that she has “repeatedly called out the big tech and social media giants” for giving financial fraudsters a home.
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The digital-only bank was founded in 2014 and now boasts over 2.5 million customers.
Boden also claimed she was waiting on Meta to implement the solutions it promised to combat against fraudulent advertising, which Google did in August.
“While Facebook (Meta) may hold out all sorts of promises for the future, I really hope its focus on the Metaverse doesn’t become a distraction from doing what is right today, here and now in the UK of 2022,” Boden wrote in the letter.
A number of companies have already boycotted Meta’s platform for their advertising needs but the common citation is usually for social reasons.
Brands including Coca-Cola, Starbucks and Ford all boycotted purchasing advertisements on the social media platform in June 2020 amid the social unrest caused following the death of George Floyd.