Online Fraud Charter: Tech firms pledge to stop fraud under new government measures

The Government is taking steps to force technology companies to crack down on online fraud.

The Home Office has announced that the Government will join forces with 11 of the world’s largest technology companies to combat online fraud.

It will see technology companies sign an “Online Fraud Charter,” pledging to take steps to protect their users from online scams and block fake ads and fraudulent content that affects their users.

The technology companies involved in the development of the letter are Amazon, eBay, Facebook, Google, Instagram, LinkedIn, Match Group, Microsoft, Snapchat, TikTok and YouTube. The Home Office says it is the first agreement of its kind in the world.

The charter is voluntary, so there are no penalties if it is determined that companies are not doing enough according to the terms.

Our sister title Money Mail has been campaigning for the government to force tech companies to step in and stop scammers.

Earlier this year, we revealed how Facebook Marketplace had become a hotbed for scammers, and earlier this week, how there are thousands of fake car listings on the platform.

Britain’s five biggest banks have backed a landmark letter from Money Mail to the Prime Minister calling on him to force social media companies to crack down on fraudsters operating on their platforms.

Under the new commitment, technology companies will be required to take steps including verifying new advertisers and quickly removing any fraudulent content.

There will also be increased levels of verification on online marketplaces under the charter, with people using online dating services given the opportunity to prove they are who they say they are.

The letter will be backed by an action plan, agreed by the Online Advertising Task Force, to combat illegal ads and ads for age-restricted products, such as alcohol or gambling, seen by children.

The action plan will be published today and will set out the measures the industry and government are taking to tackle scams and increase protection for children.

The Prime Minister said: ‘Fraud is now the most common crime in the UK, with online fraudsters targeting the most vulnerable in society.

“By joining forces with these tech giants, we will continue to crack down on scammers, ensuring they have nowhere to hide online.”

Paul Davis, head of fraud prevention at TSB, said: “We have campaigned for years for technology companies to do much more to prevent fraud that has become common on social media platforms.

“Now that we have the Charter, it is up to all signatories to combine their commitment with meaningful concerted action: implement appropriate protections to reduce fraud and take responsibility for protecting millions of consumers on their platforms.”