After Russia invaded Ukraine, some young Americans created scam Instagram accounts that shared videos and photos about the unfolding events. Pretending to be journalists on the ground, they attracted millions of followers and profited from the ads placed on their pages before they were taken down. It was not an isolated incident; the opportunity to monetise by misleading is the basis of a massive fake news market.
The explosive growth of fake news is one of the most significant consequences of the internet's expansion. While creators of fake news have a range of motives -- from political objectives to satire -- the economic factor cannot be overlooked. According to a 2020 study by the Global Disinformation Index (GDI), European fake news sites earn more than US$76 million (2.5 billion baht) annually.
Fabricated content on the internet is monetised through a complex, decentralised network that involves actors ranging from major tech companies to small-scale TikTok creators. To understand how the system works, consider an example from the 2016 presidential election in the US.
