Omar Faridi, 07 May 2021
UK Finance (a trade association for the UK banking and financial services sector that represents around 300 firms in the UK providing credit, banking, markets and payment-related services), Which? (an organization that reviews products and services, so that you “make the best purchase decisions” for your requirements) and City of London Police are among several other organizations that have signed a letter asking the UK government to add online or Internet scams to its latest “Online Safety” bill.
The new “Online Safety” bill will require companies – through the threat of huge fines – to enhance Internet safety in key areas like terrorist content, child sex abuse, hate crimes, cyber-bullying and the circulation of fake or misleading news updates.
But financial fraud has not been added to the bill – which may be announced in the upcoming Queen’s Speech – leading 17 organizations (representing civil society and business) to ask the Home Secretary Priti Patel and Digital Secretary Oliver Dowden to include online scams on the list.
As stated in the letter:
“Online platforms play a pivotal role in enabling criminals to reach and defraud internet users through the hosting, promotion and targeting of fake and fraudulent content on their sites, including adverts that they make significant profits from. Yet platforms have very little legal responsibility for protecting their users, despite often being the best placed to tackle harmful content.”