A major name on the UK’s regulatory scene has announced a plan to help combat the scourge of online fraud.
The Advertising Standards Authority (ASA) said that it would take steps to reduce the proliferation of scam adverts online.
It said that it would work along the UK’s Internet Advertising Bureau (IAB UK) to help implement its plans.
When outlining the details of its new system, which is called Scam Ad Alert, it emphasised the role that paid-for adverts related to fraudulent cryptocurrency investment opportunities played in this landscape.
“The Scam Ad Alert trial responded to ongoing concerns about online paid-for ads linking to fraudulent content, particularly crypto investment, such as Bitcoin, scams,” it said in a press release.
“Many scam ads of this type use false stories or doctored images of celebrities, and misleadingly imply those celebrities have endorsed the service,” it added.
It also revealed that individuals were now able to flag fraudulent adverts directly to the ASA when they observe them in paid-for ad spaces.
From there, platforms and publishers related to the advert will be notified about its existence – and, according to the ASA, will take steps to take down the advert.
“Consumers can now report scam ads appearing in paid-for space online to the ASA,” it said.
“It will promptly send an alert to all participating platforms with key details of the scam ad, as well as to publishers when the ad appeared on a publisher owned site.”
“If they locate them, partners will remove the offending ad and suspend the advertiser’s account,” it added.
According to the chief executive of the ASA, Guy Parker, the move came as part of the regulator’s attempt to “better protect consumers online”.
“The overwhelming majority of ads responsibly inform and entertain their audience, but a small minority are published with criminal intent,” he said.
“Our Scam Ad Alert system will play an important part in helping detect and disrupt these types of scams.”
“By working closely with our partners such as Google and Facebook we can act quickly to have problem ads taken down as part of our ongoing work to better protect consumers online,” he added.
For IAB UK, chief executive officer Jon Mew said that the new development was “a significant step” towards dealing with fake adverts.
“While there is no silver bullet solution to combatting scam ads, the launch of the ASA’s new system – in collaboration with a number of our members – is a significant step towards helping tackle the issue and shows what can be achieved at a cross-industry level,” he said.
“This initiative takes a joined-up approach to remove scam ads and will play an important role in improving the online ecosystem for both advertisers and consumers.”
“It needs to be utilised alongside law enforcement to address the underlying illegitimate activity behind these ads,” he added.
- Will Commodities Offer Protection From Inflation?
- Earnings Season to The Rescue – What to Watch Out for This Week
- State of the Nation – Up to Date Reports on Which Brokers Can be Trusted – FXTM
- ‘Diamond Hands’ Traders Get Ready to Buy
- Market Mood Has Changed – How to Trade Current Conditions
- Scammer Alert – Trader Feedback Suggests Simplexprime.com is a Scam Broker
Safest Forest Brokers 2020
|Broker||Info||Best In||Customer Satisfaction Score|
|#1||Your capital is at risk Founded: 2011||Global CFD & FX Broker||
BEST FOREX BROKER Visit broker
|#2||Your capital is at risk Founded: 2015||Global Forex & CFD Broker||
LOWEST FEES Visit broker
|#3||Your capital is at risk Founded: 2014||Global Forex & CFD Broker||
Best Trading Conditions Visit broker
|#4||Your capital is at risk Founded: 2014||Global Forex Broker||
BEST SPREADS Visit broker
|#5||CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Founded: 2010||Global Forex Broker||
Low minimum deposit Visit broker
Stay up to date with the latest Forex scam alerts
Sign up to receive our up-to-date broker reviews, new fraud warnings and special offers direct to your inbox