{"id":12455,"date":"2021-07-09T13:25:12","date_gmt":"2021-07-09T20:25:12","guid":{"rendered":"https:\/\/socialcatfish.com\/blog\/?p=12455"},"modified":"2021-07-09T13:27:01","modified_gmt":"2021-07-09T20:27:01","slug":"google-cracks-down-on-financial-scam-ads-in-the-uk","status":"publish","type":"post","link":"https:\/\/socialcatfish.com\/scamfish\/google-cracks-down-on-financial-scam-ads-in-the-uk\/","title":{"rendered":"Google Cracks Down on Financial Scam Ads in the UK"},"content":{"rendered":"

Following the increase of scam financial ads online during the COVID-19 pandemic<\/a>, Google will start requiring advertisers to prove that they are authorized by the Financial Conduct Authority<\/a> (FCA) to run ads. This new policy will be effective from September 6, which means that scammers only have a few months left to gain clicks from fake financial ads and collect victims.<\/p>\n

To help you understand the change in policy and its benefits, we will discuss why Google decided to crack down on financial ads in the UK, how Google\u2019s action will help limit scams in the UK, and how you can avoid financial ads scams. Read on to learn how you can protect yourself from fake financial ads!<\/p>\n

Why Google Decided To Crack Down on Financial Scam Ads in the UK<\/h2>\n[aesop_image img=”https:\/\/socialcatfish.com\/scamfish\/wp-content\/uploads\/2021\/07\/pexels-peter-olexa-4012966-scaled.jpg” panorama=”off” imgwidth=”100%” align=”center” lightbox=”off” captionsrc=”custom” captionposition=”center” revealfx=”off” overlay_revealfx=”off”]\n

The UK FCA issued a warning that it may take legal action against Google if the latter keeps allowing financial ads that do not undergo proper screening. Thus, Google decided to enforce stricter policies and only allow FCA-approved advertisers to run advertisements. Given that the FCA is not bound by European Union rules on financial advertisements anymore, it can now take steps against fake ads<\/a> on online platforms.<\/p>\n

Before the FCA gained the authority to chase after Google, it had been exerting efforts to prevent the increase of scam financial ads online. In fact, the FCA paid over \u00a3600,000 or $830,000 to Google just to run anti-scam advertisements and make sure that these warnings overpower the scam ads themselves. With the UK FCA\u2019s post-Brexit authority, Google seems to be taking the right steps to control fraudulent financial ads.<\/p>\n

How Google\u2019s Action Will Help Limit Scams and\u00a0Scam Ads\u00a0in the UK<\/h2>\n[aesop_image img=”https:\/\/socialcatfish.com\/scamfish\/wp-content\/uploads\/2021\/07\/pexels-andrea-piacquadio-3768894-scaled.jpg” panorama=”off” imgwidth=”100%” align=”center” lightbox=”off” captionsrc=”custom” captionposition=”center” revealfx=”off” overlay_revealfx=”off”]\n

Last year, the FCA released 1,200 warnings regarding scam financial ads on Google, which is twice the number recorded in 2019. Also, according to Which?<\/a>, a UK consumer group, among almost 2,000 search engine users, 51% said they do not know how to report strange-looking ads. With the new policy, financial entities have yet to prove they\u2019re authorized by the FCA before they can run financial ads. Thus, with the stricter screening process, fraudulent financial ads are expected to be mitigated, if not completely removed.<\/p>\n

Based on Google\u2019s transparency report, the company has enhanced its rules for ad screening. Last year, it claimed it was able to get rid of more than three billion advertisements that failed to comply with its policies. Google has also started requiring advertisers to pass necessary documents, like business incorporation, legal identification, and proof of the country they operate in. For cryptocurrency advertisements<\/a>, they\u2019re already regulated. Only those registered with the FCA are allowed to advertise.<\/p>\n

According to the Financial Conduct Authority<\/a>, the new policy is a significant and positive move from Google. However, it thinks a permanent and consistent solution requires legislation. Also, the FCA believes that investment scams from online ads must be part of the Online Safety Bill. The regulatory body in the UK also stated that it would evaluate the outcome of Google\u2019s policy change after its enforcement in September.<\/p>\n

How To Avoid Financial\u00a0Scam Ads<\/h2>\n[aesop_image img=”https:\/\/socialcatfish.com\/scamfish\/wp-content\/uploads\/2021\/07\/pexels-vlada-karpovich-4050296-scaled.jpg” panorama=”off” imgwidth=”100%” align=”center” lightbox=”off” captionsrc=”custom” captionposition=”center” revealfx=”off” overlay_revealfx=”off”]\n

While the new policy on screening financial ads has yet to be implemented, you must learn how to avoid financial ad scams through the following steps:<\/p>\n