New agreement aims to protect consumers from cybercrime
The UK government has announced a new agreement with some of the world’s leading tech companies to tackle online fraud and protect consumers from falling victim to scams. The agreement, which was signed on Thursday, November 30, 2023, involves Google, Facebook, Microsoft, Twitter, TikTok, Amazon, and eBay, among others.
According to the government, the agreement will help to prevent fraudsters from using online platforms to advertise fake goods, services, and investments, as well as to impersonate legitimate organisations and individuals. The tech companies have committed to take a range of actions, such as:
- Removing fraudulent content and accounts within 24 hours of being notified by the government or law enforcement agencies
- Sharing data and intelligence on emerging fraud trends and threats with the government and law enforcement agencies
- Providing clear and accessible reporting mechanisms for users to flag suspicious content and accounts
- Educating and raising awareness among users on how to spot and avoid online fraud
- Supporting victims of online fraud by providing them with relevant information and guidance
Online fraud costs UK economy billions every year
Online fraud is one of the most common and damaging forms of cybercrime, affecting millions of people and businesses every year. According to the Office for National Statistics, there were an estimated 4.4 million fraud offences in England and Wales in the year ending March 2023, of which 3.7 million were cyber-related. The total cost of fraud to the UK economy was estimated at £190 billion in 2023, according to the Annual Fraud Indicator.
The COVID-19 pandemic has also created new opportunities for fraudsters to exploit the public’s fear and uncertainty, as well as the increased use of digital platforms and services. Some of the most common types of online fraud include:
- Phishing: Sending emails or messages that appear to be from legitimate organisations or individuals, asking for personal or financial information, or directing users to malicious websites
- Vishing: Making phone calls that appear to be from legitimate organisations or individuals, asking for personal or financial information, or directing users to malicious websites
- Smishing: Sending text messages that appear to be from legitimate organisations or individuals, asking for personal or financial information, or directing users to malicious websites
- Spoofing: Creating fake websites, emails, or phone numbers that look like those of legitimate organisations or individuals, in order to trick users into providing personal or financial information, or making payments
- Investment scams: Offering fake or fraudulent investment opportunities, such as cryptocurrency, forex, or binary options, promising high returns or low risks
- Romance scams: Creating fake profiles on dating websites or social media platforms, and establishing relationships with users, in order to ask for money or personal information
- Online shopping scams: Selling fake or non-existent goods or services, or failing to deliver the goods or services after receiving payment
- Impersonation scams: Pretending to be someone else, such as a government official, a bank employee, a police officer, or a family member, in order to ask for money or personal information
Government and tech industry welcome the agreement
The agreement was welcomed by the government and the tech industry, who expressed their commitment to working together to combat online fraud and protect consumers.
