The Government has bowed to intense pressure to clamp down on tech giants raking in money from scam advertisers in its new online safety law.
It is a victory for industry and consumer groups, politicians and regulators who have long demanded action against harmful advertising, which lures unsuspecting savers and investors to hand over cash to fraudsters touting fake or cloned deals and products.
After resisting calls for action for more than a year, the Government announced a new legal duty in a forthcoming bill that will force the largest and most popular social media platforms and search engines to prevent paid-for fraudulent adverts appearing on their services.
Intense pressure: The finance industry and consumer groups, politicians and regulators have long demanded action against paid-for scam ads on top internet and social media sites
‘The change will improve protections for internet users from the potentially devastating impact of fake ads, including where criminals impersonate celebrities or companies to steal people’s personal data, peddle dodgy financial investments or break into bank accounts,’ says the Department for Digital, Culture, Media & Sport.
‘Separately, the government is launching a consultation on proposals to tighten the rules for the online advertising industry.
‘This would bring more of the major players involved under regulation and create a more transparent, accountable and safer ad market.’
The Financial Conduct Authority had backed MPs,…
