The challenge will be creating a consistent and robust regulatory framework for the internet giants to follow, says interactive investor.
Commenting on changes to the Online Safety Bill to tackle scams adverts, Myron Jobson, Senior Personal Finance Campaigner, interactive investor, says: “It is difficult to use the internet without encountering something that looks like a scam advert - and there are also malicious ads that aren’t easily discernible to contend with, which makes surfing the web a minefield.
“Any effort made to crackdown on the scourge of scam ads is welcome, but it will be nigh on impossible to nip every financial scam in the bud. The challenge will be creating a consistent and robust regulatory framework that forces all gatekeepers of the internet (social media companies included) to pull up their socks when it comes to tackling financial scams.
“The success of the new measures will be determined by the prevalence of scam adverts and the severity of enforcement action taken against offenders.
“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, the new measures are welcome, but far more needs to be done.
“We all need to remain on our guard against scams. Never trust anyone wanting personal information and remember: If it seems too good to be true then it is indeed too good to be true.”
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