Social media firms serve as gateway for scammers, says finance watchdog
CategoriesUK News

Social media firms serve as gateway for scammers, says finance watchdog

FCA threatens action unless platforms such as Facebook, Twitter and Instagram do not toughen up against fraudsters

Social media sites such as Facebook and Instagram serve as a “gateway” for fraudsters, the City watchdog has warned, as it demanded they take tougher action on financial scams.

While the Financial Conduct Authority praised Google for having changed its terms for financial advertisements this month, the regulator’s head of enforcement said other tech firms were lagging behind.

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