Google to Clamp Down on Online Financial Scams in Britain

Google will crack down on financial fraud on its platform in Britain, saying on Wednesday that each one financial services will got to be verified by the regulator before they will advertise.

Britain’s financial watchdog issued 1,200 consumer warnings last year about scams advertised via social media platforms by fake companies, double the amount in 2019.

Google to crack down on financial scams in
Britain begins Amazon, Google fake review inquiry
Google adtech business to face formal EU probe -sources
Barclays, Citigroup Boost Staff Retention Offers
U.K. Very Likely to finish Covid Restrictions July 19
Google, which is a component of U.S. tech giant Alphabet Inc, said during a blog post it’ll begin enforcing the new policy, which follows calls from the Financial Conduct Authority (FCA) to vet paid promotions, from Sept. 6.

“While this is often a crucial step from Google we expect a permanent and consistent solution requires legislation,” an FCA spokesperson said in emailed statement.

The regulator will assess the result of Google’s decision once the changes become , the spokesperson added.

Bank of England Governor Andrew Bailey has been lobbying the govt to introduce a legal requirement for internet giants to require down financial fraud websites, the Sunday Times reported in March.