Update: Google, Meta, TikTok Face Allegations of Failing to Prevent Financial Fraud Ads

MT Newswires Live17:35

(Updates with TikTok's response in the fourth paragraph.)

Alphabet's (GOOG, GOOGL) Google, Meta Platforms (META), and TikTok are facing formal complaints by a coalition of consumer groups to the European Commission and national authorities for allegedly failing to address fraudulent financial ads on their platforms as required by Europe's Digital Services Act, the European Consumer Organization said Thursday.

The consumer groups said they reported nearly 900 ads suspected of violating the law between December and March, adding that the platforms took down only 27% of the ads following complaints.

The groups called on the European Commission and national regulators to probe measures taken by Meta, TikTok, and Google over their compliance with the law and impose fines in case of noncompliance.

TikTok said in an email to MT Newswires that it takes reports of fraud seriously and bans any fraudulent or misleading ads. It added that scams are a challenge throughout the industry, with operatives constantly updating their tactics, making

Google and Meta did not respond to MT Newswires' request for comment.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment