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The Fintech Times
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Online Fraud Charter Hasn’t Had Desired Impact: 6.6mil UK Adult Fall Victim to Fraud Finds Which?
- Consumer champion Which? has revealed that despite the Online Fraud Charter launched by the UK government last year, online scams continue to be rife and that shortfalls in the charter remain.
- Which? surveyed over 2,000 UK adults to discover if the charter has had an positive impact on UK consumers' experiences when online.
- Twenty-two percent of those surveyed said they had seen suspicious ads while using online platforms in the past six months.
- Fraud was found to be rife on social media (63%), search engines (42%), online marketplaces (39%) and messaging apps (23%).
- Major tech companies that collectively agreed to adopt measures that would curb fraud include Amazon, Facebook, Instagram, Snapchat, Tiktok, Twitter, and YouTube.
- Nearly three-quarters (73%) of UK adults do not trust the veracity of ads they encounter online.
- Just 3% of respondents to Which?'s survey felt more confident using online platforms than they did a year ago since the launch of the Online Fraud Charter.
- Platforms in scope of the fraudulent advertising duties in the Online Safety Act may not be held accountable until 2027–this, says Which?, is not good enough.
- Ofcom needs to implement the regulations prescribed in the Act more quickly. Which? suggests that Fraud Minister Lord Hanson should coordinate a more cohesive approach to fraud prevention among regulators and the tech, banking and telecoms sectors.
- Bring forward implementation of the Online Safety Act in its entirety to better protect consumers from fraudsters, says Consumer champion, Which?.
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