Facebook introduces a scam ad reporting tool in the UK

And it's dedicated £3 million to anti-scam initiatives.

Facebook has launched a new reporting tool designed to tackle scam ads. The feature lets UK Facebook users flag online ads that link to dubious get-rich-quick schemes or questionable cryptocurrency sales, which will then be reviewed by a dedicated anti-scam team. Facebook has also earmarked £3 million for anti-scam initiatives run by financial charity, Citizens Advice.

The feature comes as a result of action taken by British consumer finance champion, Martin Lewis. He filed a lawsuit against Facebook last year after his face and brand was used by scammers to tout fake cryptocurrency schemes. Lewis dropped the lawsuit earlier this year after the platform pledged to step up its efforts against scam ads.

Facebook's scam ad reporting tool

From today, all UK Facebook users will have the option to select "Misleading or scam ad" underneath the "Report Ad" menu accessed via the three dots in the ad's top right corner. The ad will then be reviewed and removed. Lewis praised the new feature, noting that it gives more tech-savvy individuals the opportunity to help others.

"Millions of people know a scam when they see it, and millions of others don't," he said. "So now, I'd ask all who recognise them to use the new Facebook reporting tool, to help protect those who don't -- which includes many who are vulnerable."