Treasury Committee pushes tech giants on online fraud
5 November 2021
The Chair of the Treasury Committee has today written to four more tech giants requesting details on their plans to combat fraud and protect consumers online.
In a series of questions, the Committee Chair asks whether firms offering investment opportunities must be authorised by the Financial Conduct Authority (FCA) in order to advertise on their platform, the revenue received from such advertising and what policies are in place to compensate users who fall victim to fraudulent content hosted on their platform.
Commenting on the letters, Rt. Hon. Mel Stride MP, Chair of the Treasury Committee, said:
“Online platforms have changed the way we live, work and socialise. However, it’s clear that fraud is rapidly rising and ruining people’s lives. Scammers seem to act with impunity online and their actions can have devastating consequences.
As a committee, we are investigating the causes, scale and effects of economic crime. We want to gain a clearer understanding of the actions tech companies are taking to combat fraud and protect consumers online.
That’s why I have today written to Microsoft, Twitter, Snapchat and TikTok to request information on how they are preventing their users from falling victim to scams.
It is also imperative that the Government takes further action in this area. We have long suggested that including fraudulent advertisements within the scope of the Online Safety Bill would be a good place to start. Without coordinated action, I fear many more people will sadly fall victim to these scammers.”
Last month, the Committee published letters from Google, Facebook, Amazon and eBay on their plans to tackle online fraud.
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