UK: Google to Introduce New Measures to Stop Financial Frauds Online

On Wednesday, 30^th June 2021, the technology giant has announced the new measures for stopping down the financial fraud, which is happening on the online platform of Google in the United Kingdom by saying that, the company is going to require all the financial services in the country to be verified by the UK regulator before they get the approval for advertisement.

The company ‘Google’ said, it is going to start enforcing the new policy, that is going to follow the calls from the Financial Conduct Authority for the technology company of the United States for inspecting the paid promotions starting from 6^th September 2021, and the Financial Conduct Authority did not respond immediately to a request for commenting on the new measures.

The UK regulator has also issued 1,200 consumer warnings in the year 2020, which were related about the scams, that had been advertised through the various social media platforms by number of fake companies, which was around double the amount in 2019.

Nikhil Rathi, chief executive of the Financial Conduct Authority said, in 2020, the company Google should be doing the checks along with the regulators of United Kingdom for seeing whether the potential advertisers had already been closed down before the fake promotions are posted online.

According to the reports, Andrew Bailey, governor of Bank of England had also been lobbying the government of United Kingdom for the purpose of introducing a legal requirement for the big internet companies to take down the number of financial fraud websites.