The British government is forcing Google, Facebook, Twitter and other online platforms to more strictly block paid fraudulent ads after an increase in complaints by regulators and a group of users.
The British government has released draft laws to prevent online harm including a requirement for tech giants to increase the level of protection of their platforms.
It is made to prevent criminals from masquerading as celebrities or companies to steal personal data, peddling unsafe financial investments or hacking bank accounts.
According to a statement by the British government, communications regulator, Ofcom was tasked to check whether the platforms had provided a system to prevent and remove fake advertisements.
In addition, they can also block services or issue fines of up to 18 million pounds or US $ 24 million or 10% of the annual revenue of such platforms.
According to British Cultural Secretary Nadine Dorries, changes to the Online Safety bill will help prevent scams from deceiving the public using fake online ads.
For the record, data shows that online fraud from Google ads, Facebook, Twitter and other social media increased significantly during the Covid-19 season hit.
A UK Finance report states a total of 754 million pounds were stolen in the first 6 months of 2021 involving banking fraud, a 1/3 increase over 2020.
As a result, in response to pressure from the Financial Conduct Authority (FCA), some online services have restricted advertisements for financial products to companies regulated by the FCA.
The government also said it would launch a public consultation on tightening rules for the online advertising industry, either to strengthen the current self -regulatory approach or create a new watchdog body.
