The Treasury committee is calling on the government to make big tech firms that dominate internet to reimburse victims of online fraud.
In its report on fraud, scams and economic crime, the Treasury committee urged the government to legislate against online fraudulent adverts and “seriously” consider whether big tech should reimburse those who fall victim to scams on their platforms.
“Placing a responsibility on online companies to reimburse consumers who are victims of online fraud could rapidly transform their approach. The government should seriously consider whether online companies should be required to contribute compensation when fraud is conducted using their platforms,” the report said.
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MPs are also pushing Downing Street to legislate “urgently” to make reimbursement for victims of “push payment fraud” from financial services firms mandatory.
A total of £479m ($647m) was stolen from people in so-called “push payment scams” — in which fraudsters trick victims into transferring money to them — last year.
“For too long, pernicious scammers have acted with impunity, ripping off innocent consumers with fraudulent online adverts, impersonation scams and dodgy crypto investments,” Mel Stride, chair of the Treasury…
