T

echnology giants Microsoft Twitter, Snapchat and TikTok have been asked by MPs to provide details on how they combat scams and protect consumers as part of an ongoing inquiry into online fraud.

Treasury Committee chair Mel Stride has asked the companies for details on the revenue they receive from adverts around investment opportunities, and what policies are in place to compensate scam victims.

The letter also asked whether platforms insist that firms must be authorised by the Financial Conduct Authority (FCA) in order to advertise on their sites.

We want to gain a clearer understanding of the actions tech companies are taking to combat fraud and protect consumers online

The request comes as the committee continues its inquiry into economic crime, and follows a similar request to Google, Facebook, Amazon and eBay for more details on their plans to tackle online fraud.

Mr Stride said: “Online platforms have changed the way we live, work and socialise. However, it’s clear that fraud is rapidly rising and ruining people’s lives. Scammers seem to act with impunity online and their actions can have devastating consequences.

“As a committee, we are investigating the causes, scale and effects of economic crime. We want to gain a clearer understanding of the actions tech companies are taking to combat fraud and protect consumers online.

“That’s why I have today written to Microsoft, Twitter, Snapchat and TikTok to request information on how they are preventing…

Read more…