Fraudulent online advertising is being targeted via a new reporting system created by UK authorities.
The UK Scam Ad Alert, launched by The Advertising Standards Authority (ASA) and the Internet Advertising Bureau (IAB) allows people to report scam ads appearing in paid-for-spaces online to the ASA, who will then circulate details of the ads, remove them and suspend the advertiser’s account where possible.
The launch follows ongoing concerns about online scam adverts, and the financial harm they cause, specifically cryptocurrency-related fraud. Victims of crypto and forex investment scams lost more than £27 million in total in 2018/19, according to the Financial Conduct Authority and Action Fraud.
IAB chief executive John Mew, explained that the new system would not eliminate scam advertising but would better police it, stating there was “no silver bullet solution to combating scam ads.”
ASA chief executive Guy Parker said: “By working closely with our partners such as Google and Facebook we can act quickly to have problem ads taken down as part of our ongoing work to better protect consumers online.”
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