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New rules trying to stop financial fraud online

New rules trying to stop financial fraud online

Google announced new attempts to get to grips with financial fraud and bluff advertising after calls from financial regulator to take action. The company said that all financial services in Britain need to be verified by the financial regulator before they can place adds on the Google platform.

The Financial Conduct Authority in a statement welcomed Google’s action but said legislation is required:

“While this is an important step from Google, we think a permanent and consistent solution requires legislation”.

Google’s new rules will be implemented from September 6.

“Globally, we have also introduced new advertiser identity verification which requires advertisers to submit personal legal identification, business incorporation documents or other information that proves who they are and the country in which they operate”, Ronan Harris, VP and MD, Google UK and Ireland, wrote in a blog post.

“We are committed to adapting and collaborating with industry and government organisations to lead on necessary changes to help fight evolving tactics by scammers.”

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