The Bank of England has been pushing for strengthened regulation that will require tech giants to eradicate financial fraud websites for being listed on their platforms, according to a report by The Sunday Times.
The report detailed that the potential measures are likely to be included in the ‘Online Harms Bill’, which is set to be finalised and confirmed by the end of the year.
Reports have outlined that the subject of financial crime and which sector takes on the role and responsibility of tackling it is one that has been prevalent for the UK banking sector, as the threat of fraud has grown through digital channels.
Tackling of online fraud has taken on increased importance following the global pandemic, as fraudsters and criminal gangs have targeted public disinformation through big tech digital platforms.
It is believed that many fraudulent websites place digital currency at the heart of their focus, something that has grown in its economic importance and also in its popularity following the lockdown.
Furthermore, the amount that victims of online fraud have lost since the start of the pandemic has also spiked, further enhancing the calls of the UK’s banking sector for strengthened regulations that call for online fraud to be better combated by big tech firms, such as Google and Facebook.
In the UK alone, it was reported on Sky News that the country’s internet users were spending an average of four hours and two minutes online each day during the first COVID-19 lockdown, with the over 54s age group seeing a 24% rise in online activity.
A recent report by SEON predicted that this rapid growth of online financial activities and transactions was pushing people into potentially fraudulent situations.
Notable findings in the report highlighted the increase in popularity of esports and iGaming due to the postponement of live sports events, but with this increase in popularity came abuse.
In addition, as the travel industry digitised some fraudsters began to focus their activities at circumventing regulations affecting individual travellers.