UK regulators launch system against scams

The system will allow people to report fraudulent ads, especially those that appear on payment pages

The Advertising Standards Authority (ASA) and the UK Office for Internet Advertising (IAB) have launched an alarm system to detect and eliminate online fraud advertisements.

One of the main motivations of regulatory agencies is the consequent increase in advertising scams that have been detected, mainly related to cryptocurrency fraud, generating continuous concerns for the authorities.

Increased crypto scams

According to figures cited by the ASA, victims of cryptocurrencies and other investment related scams like Forex lost more than £ 197 million (USD 255 million) in total, as revealed by the financial regulator in 2018 after obtaining information from the UK Financial Conduct Authority.

For his part, Guy Parker, executive director of the ASA, noted: “The vast majority of ads responsibly inform and entertain their audience, but a small minority publish with criminal intent. Our scam ad alert system will play an important role in helping to detect and stop these scams.”

Regarding the initiative, Jon Mew, IAB executive director, clarified that despite not completely eradicating fraudulent advertising, the system could support better regulation on the subject: “this initiative adopts a joint approach to eliminate fraudulent ads. And it will play an important role in enhancing the online ecosystem for both advertisers and consumers.”


Source: thenoticiasbitcoin

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