Meta, the parent of Facebook and Instagram, is failing to stop scammers who repeatedly buy ads on the platforms to target seniors with scams, a new report says.

Social media giant Meta expected about 10 percent of its 2024 revenue, roughly $16 billion, to come from running ads for scams and banned goods, according to internal projections reported by Reuters.

A lawsuit from the Consumer Federation of America accuses Meta of misleading consumers about its efforts to combat scams advertisements on its platforms. On Tuesday, the nonprofit Consumer Federation ...