Scams  

MP joins calls to force internet giants to tackle scams

“I have seen our strategy grow, mature and evolve as the threat has. Fraudulent online adverts are a real threat to all our constituents. It is not on the horizon; it is here already, and it has been for several years. 

“The alarm bells are sounding, and the problem is growing, so let us grip it now and offer our constituents the protection they all deserve.”

Last week (April 23), Caroline Dinenage, minister of state for digital and culture, said the government is planning to consult on measures to tackle online fraud “later this year”, admitting the scale of the scam problem was “deeply concerning”

The issue of online scams has been raised by the industry many times over the past year.

Earlier this month (April 15), Quilter chief executive Paul Feeney wrote to the prime minister asking for online investment scams to be included in the government’s Online Safety bill.

Recent figures from Action Fraud showed that £78m was reported to have been lost to clone firm investment scams in 2020, with the average loss in each individual case standing at £45,242. 

However, the real figure is expected to be higher as many cases will not be reported.

amy.austin@ft.com

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