SYDNEY, Dec 2 (Reuters) - Instagram and Facebook-owner

Meta Platforms ( META ) said on Monday it had introduced

stricter rules for advertisers of financial products and

services targeting Australians, in a bid to crack down on scams

on the social media platforms.

The move comes after Meta in October said it took down 8,000

so-called "celeb bait" ads, as part of an effort with Australian

banks to curb the scams that use images of famous people to

trick consumers into giving money to fake investment schemes.

Advertisers will now be required to verify their beneficiary

and payer information, including their Australian Financial

Services License number before they can run financial services

advertisements, Meta said.

"The introduction of financial advertiser verification is an

important additional step towards protecting people in Australia

from these sophisticated scammers, Meta ANZ managing director

Will Easton said in a statement.

Once advertisers are verified, they will have to include

their payer and beneficiary information in their ads, which will

show up in a "Paid for By" disclaimer after the ad is approved,

the company said.

Last month, Australia's centre-left government dropped plans

to fine internet platforms up to 5% of their global revenue for

failing to prevent the spread of misinformation online.

The bill was part of a wide-ranging regulatory crackdown by

Canberra, where leaders have complained that foreign-domiciled

tech platforms are overriding the country's sovereignty, and

comes ahead of a federal election due within a year.

Australia this week approved a landmark law banning social

media for children under 16.