Tech giants to sign an agreement with the UK government to combat online fraud

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Tech giants to sign an agreement with the UK government to combat online fraud
Tech giants to sign an agreement with the UK government to combat online fraud

According to the government, the businesses will agree to take additional steps to prohibit and remove fraudulent information and online fraud from their websites.

To increase efforts to combat online fraud, eleven of the world’s largest technology giants, including Amazon.com (AMZN.O), Alphabet’s (GOOGL.O), Google, and Microsoft (MSFT.O), will sign an agreement with the British government on Thursday, according to the interior ministry.

According to the government, the corporations will agree to take additional steps to ban and remove fraudulent content from their websites under the “Online Fraud Charter,” which will be signed at a meeting headed by Interior Minister James Cleverly in London.

The voluntary agreement will be signed by eBay (EBAY.O), Meta Platforms’ (META.O) Facebook and Instagram, Microsoft’s LinkedIn, Match Group’s (MTCH.O), Snap’s (SNAP.N) Snapchat, ByteDance’s TikTok, and Google’s YouTube, in addition to Amazon, Google, and Microsoft, with a pledge to implement the measures that apply to their companies within six months.

“Fraud is now the most common crime in the UK, with online scammers targeting the most vulnerable members of society,” said British Prime Minister Rishi Sunak in a statement.

“By joining forces with these tech giants, we will continue to crack down on fraudsters, making sure they have nowhere to hide online.”

The steps include having easy and rapid ways to report fake material, as well as collaborating with law enforcement in their attempts to target online fraudsters.

The companies will also pledge to provide greater levels of verification on peer-to-peer markets, and users of online dating services will be able to verify they are not imposters.

According to the British government, online fraud accounts for over 40% of all crime in England and Wales, with industry organization UK Finance data indicating that nearly 80% of all authorized push payment fraud begins online.

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