Social Media: FCA urges Big Tech to crack down on fraud amid rise in unauthorised firms.

08 Feb 2024 1:58 PM | Anonymous member (Administrator)

The Financial Conduct Authority (FCA) has launched a fresh call for social media firms to do more to prevent mass fraud on their platforms, City A.M. can reveal.

The City watchdog said in a report on Thursday that it issued 2,286 warnings last year alerting consumers about firms and individuals operating without its authorisation, up 21 per cent from 1,882 in 2022.

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