Canada’s biggest lenders have confirmed they had joined the general boycott of Facebook Inc. that started by United States civil rights groups whose aim is to put pressure on the social media platform to take concrete steps to prohibit hate speech.
Over 400 brands have paused advertising on Facebook in response to the “Stop Hate for Profit” campaign which commenced after the death of George Floyd, a Black man who was gruesomely murdered by a cop in Minneapolis on May 25, 2020.
Bank of Nova Scotia, Canadian lenders Royal Bank of Canada, Toronto-Dominion Bank, Bank of Montreal, National Bank of Canada and Canadian Imperial Bank of Commerce have all said they would pause Facebook advertisement in July.
Also, the largest federation of credit unions in Canada, Desjardins Group, announced yesterday on its website that it would pause advertising on Facebook and Instagram for July “barring any exceptional situations where we need to communicate with our members or clients.”
A spokesman of Facebook said in an email that Facebook has subjected itself to a civil rights audit and has prohibited no fewer than 250 white supremacist organizations from Facebook and Instagram. The spokesman added that Facebook’s investments in artificial intelligence makes it possible for the social media platform to detect nearly 90% of hate speech and take action the posters before users report them.
BMO said it is carrying on its “ongoing dialogue with Facebook on changes they can make to their platforms to reduce the spread of hate speech.”
