Google is going to clamp down on online financial scams in Britain | Tech News

Google is going to clamp down on online financial scams in Britain

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

By:REUTERS
| Updated on: Aug 21 2022, 18:33 IST
Google said in a blog post it will begin enforcing the new policy, which follows calls from the Financial Conduct Authority (FCA) to vet paid promotions, from September 6.
Google said in a blog post it will begin enforcing the new policy, which follows calls from the Financial Conduct Authority (FCA) to vet paid promotions, from September 6. (REUTERS)

Google will clamp down on financial fraud on its platform in Britain, saying on Wednesday that all financial services will need to be verified by the regulator before they can advertise. Britain's financial watchdog issued 1,200 consumer warnings last year about scams advertised via social media platforms by fake companies, double the number in 2019.

Google, which is part of US tech giant Alphabet Inc, said in a blog post it will begin enforcing the new policy, which follows calls from the Financial Conduct Authority (FCA) to vet paid promotions, from September 6.

You may be interested in

MobilesTablets Laptops
24% OFF
Google Pixel 128GB
  • Black
  • 4 GB RAM
  • 128 GB Storage
16% OFF
Google Pixel 7 Pro 5G
  • Obsidian
  • 12 GB RAM
  • 128 GB Storage
48% OFF
Samsung Galaxy S22 Plus
  • Green
  • 8 GB RAM
  • 128 GB Storage
7% OFF
Google Pixel 7 5G
  • Obsidian
  • 8 GB RAM
  • 128 GB Storage

"While this is an important step from Google we think a permanent and consistent solution requires legislation," an FCA spokesperson said in emailed statement.

Also read
Looking for a smartphone? To check mobile finder click here.

The regulator will assess the outcome of Google's decision once the changes take effect, the spokesperson added.

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

Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 30 Jun, 13:23 IST
NEXT ARTICLE BEGINS