Meta, Microsoft and Twitter to publish only FCA approved financial services adverts
Major technology companies are stepping up their efforts to tackle financial fraud and scam adverts.
Online Fraud Steering Group (OFSG) members Meta, Microsoft and Twitter are committing to introduce a revised advertising onboarding process that requires UK regulated financial services to be authorised by the Financial Conduct Authority (FCA) prior to serving financial services adverts on their sites.
Each company will operate their own processes and have differing timelines for when the policies will come into place.
This revised onboarding process is driven in partnership with the UK Financial Conduct Authority (FCA) as part of ongoing efforts to help prevent online advertising financial fraud and scams.
Google, Meta, Amazon, Microsoft, TikTok and Twitter encourage other companies and publishers of advertising to commit to the same requirement to reduce the opportunity for fraudsters and provide maximum protection for individuals.
Commenting on news, Rt. Hon. Mel Stride MP, Chair of the Treasury Committee, said:
“It’s reassuring to hear that the online giants are finally taking a positive step in the right direction and stopping fraudulent advertisements from appearing on their sites. For too long these companies have turned a blind eye to the criminality at play behind these scams.
“As a Committee, we have called for the Government include fraudulent adverts in the Online Safety Bill. Legislating against these pernicious scams is the only way to stop ever increasing numbers of people from falling victim to economic crime.”
In October, the Committee published letters from the companies on their plans to tackle online fraud. In November, further letters were sent to Microsoft, Twitter, TikTok and Snapchat, requesting details on their plans to combat online scams.