Google aims to tackle online scammers with advertisers’ demands
Google has announced that it will introduce new certification requirements for UK financial service advertisers in a bid to tackle financial fraud.
The tech giant, which also joined Stop Scams UK, said the new requirements will need to be met after an update to Google Ads’ financial products and services policy on August 30, with the app starting seven days later.
Financial services advertisers will need to prove that they are authorized by the Financial Conduct Authority (FCA) or that they qualify for one of the limited exemptions described on the UK financial services audit page.
Google said it has been working with the FCA for the past 18 months to receive notifications when updates are made to its list of warnings, while it also aims to update its policies based on feedback. of the watchdog.
A statement from Google said, âGlobally, we’ve also introduced a new advertiser identity verification that requires advertisers to submit personal legal identification, company incorporation documents, or other information proving who they are and the country in which they operate.
âWe are committed to adapting and working with industry and government organizations to lead the changes needed to combat the evolving tactics of con artists. “
An FCA spokesperson said: âWe welcome all measures that protect consumers from scams and recognize that this is a positive move by Google. We will review the detail. We want to see continued and concerted efforts from all organizations concerned with protecting consumers in order to achieve a sustainable reduction in scams.
“It is important that all social media companies ensure that financial promotions using their services comply with UK law, and we expect all social media companies to ensure that they are in compliance. . “
The FCA spokesman added that while Google has taken “an important step”, a permanent and consistent solution would require legislative action.
The spokesperson concluded: âWe also continue to believe that investment fraud caused by online advertising should be included in the scope of the Bill on Online Security, and we welcome the recent Treasury Committee statement on this subject. We will assess the outcome of Google’s decision once these changes take effect.