Canada's biggest banks have taken a bold stand against hate speech on social media by joining over 400 brands in the \"Stop Hate for Profit\" campaign. Initiated by U.S. civil rights groups following the tragic death of George Floyd, the movement urges Facebook to implement stronger measures against hate speech.
Leading the charge, major Canadian lenders including Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, National Bank of Canada, and Canadian Imperial Bank of Commerce announced a pause in their advertising on Facebook platforms starting in July. Desjardins Group, Canada's largest federation of credit unions, also committed to halting ads on Facebook and Instagram for the month, unless critical communications with members or clients are necessary.
The primary motivation behind this decision is a steadfast commitment to inclusion and diversity. Facebook has responded by opening up to a civil rights audit and banning 250 white supremacist organizations from its platforms. A spokesperson highlighted that Facebook's investments in artificial intelligence enable the platform to identify and address nearly 90 percent of hate speech before users report it.
BMO emphasized its dedication to ongoing dialogue with Facebook to encourage changes that reduce hate speech. RBC echoed this sentiment, stating that standing against misinformation and hate speech is crucial in combating systemic racism and fostering healthier communities.
As more companies join the boycott, the collective effort aims to create a safer and more inclusive online environment for everyone.
