The UK’s Treasury is grilling tech giants Google (GOOGL), eBay (EBAY), Facebook (FB), and Amazon (AMZN) on what they are doing to fight economic crime, prevent fraud, and protect consumers on their platforms
Treasury committee chair Mel Stride has written to the companies following an evidence hearing last month as part of an inquiry on economic crime.
“There has been a huge rise in online crime and, as a committee, we want to gain a clearer understanding of what is needed to ensure tech platforms are safe spaces for people to operate and not fall victim to scams or fraud,” he said.
“Notwithstanding the efforts already being made by tech platforms such as Google, eBay, Facebook and Amazon, I am keen that they spell out in more detail what they are doing to protect their users from online fraud and advertising scams, and how they are tackling issues such as the online promotion of tax avoidance schemes.”
The committee wants to know details about the firms’ online fraud steering group and meetings with government departments about economic crime. It also wants to know how the companies are compensating their customers who have been victims of financial fraud.
It has asked all companies what policy they have regarding the promotion of tax avoidance and evasion on their platform.
Some of the questions relate to the UK’s Financial Conduct Authority (FCA). The…