- Online Fraud Charter launched
- UK, major tech companies combat fraud
- Collaboration, AI security emphasized
In addition to Microsoft, Amazon, eBay, Google, Instagram, and LinkedIn, Match Group has also ratified the agreement.
Eleven major technology companies, including Facebook, TikTok, Snapchat, and YouTube, will join the United Kingdom in launching an Online Fraud Charter—a “world-first” effort to combat scams, false advertisements, and romance fraud.
Tech company representatives will sign the promise to combat internet fraud with Home Secretary James Cleverly on Thursday.
Match Group, Microsoft, Amazon, eBay, Google, Instagram, and LinkedIn have voluntarily endorsed the agreement.
Elevated Security Measures for Online Marketplaces and Dating Services
The charter mandates companies to implement safeguards to protect users, such as swiftly removing fraudulent content and authenticating new advertisers. Verification requirements for peer-to-peer marketplaces and online dating service users will be elevated.
Within six months, companies will commit to implementing these measures. A crackdown on illegal advertisements and promotions targeting minors will support the charter, with age restrictions on products like gambling or alcohol.
The Online Advertising Taskforce will publish an action plan detailing these measures.
Mr Cleverly announced the charter at Lancaster House, stating, “The Online Fraud Charter represents a significant advancement in our endeavours to safeguard the general public against sophisticated, adaptable, and highly organized criminals.”
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Broad Collaboration to Enhance Public Protection
This magnitude of agreement has never before been reached, and I am incredibly thrilled to see technology companies collaborating with us to turn the tide against fraudsters.
The collaboration will continue, ensuring that the private sector, law enforcement, and the government work together to enhance public protection in the UK against fraudulent activities.
Every tech company commits to close collaboration with law enforcement, including streamlined channels for reporting suspicious activities.
The government highlights that fraud constitutes about 40% of the total crime rate in England and Wales. UK Finance data reveals that nearly 80% of authorized paid payment fraud originates from fraudulent websites or social media platforms.
Cybersecurity experts warn that the proliferation of generative AI tools, including ChatGPT, assists cybercriminals in developing sophisticated schemes. They caution against using productive AI tools to create convincing plans while acknowledging AI’s role in bolstering cyber defences.
At the AI Safety Summit in the UK, leaders emphasized addressing future cyber attacks facilitated by AI. The National Cyber Security Centre (NCSC) identifies the creation and dissemination of disinformation through AI as a significant future hazard, especially around elections.
