UK Online Safety Act: New Fraud Protections
The Online Safety Act 2023 introduced significant new obligations for tech companies to protect users from fraudulent content, with key provisions taking effect in 2024.
Key Requirements for Platforms
Social media platforms and search engines must now:
- Proactively detect fraudulent financial promotions
- Remove scam content within strict timeframes
- Verify advertisers offering financial products
- Report fraudulent content to regulators
Enforcement Powers
Ofcom, the designated regulator, has been granted:
- Fines of up to £18 million or 10% of global revenue
- Power to block non-compliant services in the UK
- Criminal liability for senior managers in extreme cases
Impact on Financial Fraud
The Act specifically targets:
- Fake celebrity endorsement scams
- Fraudulent investment advertisements
- Clone firm websites promoted through search engines
- Romance scam accounts on dating platforms
What Victims Should Know
While these protections are welcome, they do not eliminate fraud entirely. Scammers will continue to find new channels. If you've been scammed, report it to Action Fraud and consider professional recovery services.
Patterdale Recovery's Role
We work alongside regulatory bodies and law enforcement to help victims of financial fraud recover their losses.
