(1 year, 1 month ago)
Commons ChamberTackling fraud is a priority for this Government. The Online Safety Act 2023 requires regulated companies to mitigate the risk posed by fraud and scams on their services. In addition, Ofcom will publish codes of practice recommending steps for companies to take.
What will companies actually have to do under the terms of the Act?
All companies in scope of the Act will need to take action to tackle fraud where it is facilitated through user-generated content or via search results. They must take measures to prevent fraudulent content from appearing on their platforms, and swiftly remove it if it does so. Additionally, there will be a duty on the largest social media platforms and search engines that will require them to tackle fraudulent adverts on their services.