Google Ads financial products and services policy are going to be updated from August 30, consistent with Google, which says it’ll start enforcing the new policy from September 6, Which means that providers of scams Online financiers who believe their ad network for his or her next victim have still quite two months to reap unsuspecting clicks before the party is over.
Google has announced that starting within the fall it’ll only run ads for financial products and services from sources that are cleared by the UK’s financial watchdog.
The decision didn’t happen overnight, however. Google has been on the top of mounting criticism from regulators, enforcement and consumer groups over its perceived lack of action against scrupulous ads. consistent with trade body UK Finance, investment scam cases on search engines saw a 32 per cent increase last year.
These typically involve criminals duping victims into moving their money to a fictitious fund or to buy a fake investment. Losses incurred from the fake ads totalled over £135 million.
Google added, For the last 18 months, we have worked with the FCA to receive notifications when additions are made to the FCA warning list. Based on feedback from the FCA, we have also updated policies, such as our unreliable claims policy.
This update restricted the rates of return a firm can advertise and banned the use of terms that make unrealistic promises of large financial return with minimal risk, effort or investment.
Globally, we have also introduced new advertiser identity verification which requires advertisers to submit personal legal identification, business incorporation documents or other information that proves who they are and the country in which they operate.
We are committed to adapting and collaborating with industry and government organisations to lead on necessary changes to help fight evolving tactics by scammers.