Interactive Investor

Google to tackle financial scams

30th June 2021 11:20

Myron Jobson from interactive investor

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interactive investor comments on new measures to clamp down on online scam adverts.

Commenting on Google today announcing new measures to clamp down on financial fraud on its search engine in Britain, Myron Jobson, Personal Finance Campaigner, interactive investor, says: “Google has caved under pressure from the City watchdog and the wider financial industry to do better in protecting its users from an influx of scam adverts.

“It will is nigh impossible to catch every financial scam at its source, but the success of Google’s crackdown of financial ads will be determined by the prevalence of scam adverts on its search engine and the severity of enforcement action taken against offenders.

“But there remains far more to do to create a consistent and robust framework that forces all gatekeepers of the internet to pull up their socks when it comes to tackling financial scams.

“Scams were once easily recognisable. From the ill-spelt unsolicited emails from someone from afar purporting riches to share, to notifications of lottery wins, fraudsters are now adopting increasingly sophisticated methods to swindle people out of their hard-earned cash. With the numbers seemingly getting worse, not better, today’s news is a good start but far more needs to be done.”

Last year’s interactive investor Great British Retirement Survey revealed that 13% of respondents admitted to having been scammed, rising to 18% in the 72 to 77 age category, and 20% among those aged over 77.

Investment fraud (32%) followed by current account fraud (22%) were the two most common cited types.

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