And fake ads have been waved through by Google and Facebook without proof of authenticity, signatories of the letter claim.
They said the internet giants should have a legal obligation to stop fraudsters misusing advertising platforms and for this to be included in the forthcoming Online Harms Bill.
At the moment financial fraud is not covered by the legislation, which largely focuses on child safety, bullying and extremist content.
More than £78million was lost to brand cloning scams last year – or an average of £45,000 per victim – according to Action Fraud.
Victims are often elderly people who are approaching or in retirement and the devastating losses can mean they are forced to work longer or sell their home.
By Reuters Staff
3 Min Read
LONDON (Reuters) - Britain’s new regulator for tech giants Facebook and Google launches on Wednesday with an initial remit to see if a code of conduct could improve the balance of power between the platforms and news publishers.
Slideshow ( 3 images )
The Digital Markets Unit (DMU), based in the Competition and Markets Authority (CMA), has been set up to stop big tech companies abusing their market dominance after the competition regulator said existing rules were not enough.
The power and reach of big tech has grown faster than governments’ ability to keep them in check.
New cyber security laws to protect smart devices amid pandemic sales surge
Groundbreaking plans to protect people from cyber attacks
From:
21 April 2021
Apple, Samsung, Google and other manufacturers will say when smartphones, smart speakers and other devices will stop getting security updates
Easy-to-guess default passwords to be banned on virtually all devices under new law
Rules will make it easier for people to report software bugs that can be exploited by hackers
Makers of smart devices including phones, speakers, and doorbells will need to tell customers upfront how long a product will be guaranteed to receive vital security updates under groundbreaking plans to protect people from cyber attacks.
Shrilekha Pethe- April 20, 2021, 9:16 AM EDT SHARE ON:
Nvidiaâs proposed $40 billion acquisition of Cambridge-based Arm is in trouble. On Monday, the UKâs Secretary of State issued an intervention notice on behalf of the UK Government citing national security interests.
In September 2020, the $40 billion acquisition of Arm from the SoftBank Group was presented by Nvidia (
NVDA) with the intention of building an artificial intelligence (AI) supercomputer powered by the two companies. The deal would allow Arm to expand its intellectual property (IP) licensing portfolio using Nvidia technology. Arm has shipped over 180 billion microprocessor chips to-date.
The UK Governmentâs intervention notice stated, âWhereas the Secretary of State believes that it is or may be the case that a public interest consideration is relevant to a consideration of the relevant merger situation. Now, therefore, the Secretary of State in exercise o
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