EU Presses Apple, Google and Microsoft on Efforts to Combat Financial Scams

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European Union regulators have asked Apple, Google, Microsoft, and Booking.com to detail the steps they are taking to prevent their platforms from being used for financial scams, highlighting growing concern over the rising cost of online fraud.

The inquiry falls under the Digital Services Act (DSA), the EU’s sweeping legislation that requires major tech companies to take stronger action against illegal and harmful online content.

“Today, we sent requests for information, under the DSA, to Apple, Booking.com, Google and Microsoft on how they identify and manage risks related to financial scams,” EU tech chief Henna Virkkunen wrote on X.

Virkkunen warned that online fraud has become easier than ever to launch, frequently leading to significant financial losses for consumers. She noted that scams such as fake hotel listings, fraudulent banking apps, and deepfake videos of public figures promoting false investments cost Europeans more than €4 billion ($4.7 billion) each year.

Authorities worldwide have also raised alarms that AI tools could make scams like phishing and fake investment schemes more convincing and harder to detect.

The EU’s probe underscores its heightened scrutiny of Big Tech’s responsibilities in protecting users against financial crime.

Indian Court Rejects X’s Challenge to Modi Government’s Content Removal Rules

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An Indian court has dismissed X’s legal bid to overturn the country’s new content removal system, ruling that the social media platform—owned by Elon Musk—must comply with local laws despite its claims that the mechanism amounted to censorship.

The case centered on Prime Minister Narendra Modi’s tightened internet regulations introduced in 2023. The rules allow a wider range of government officials to issue takedown orders directly through a centralized government website launched in October.

X had argued the measures were unconstitutional and gave “every Tom, Dick, and Harry” the power to censor speech online. But Justice M. Nagaprasanna of Karnataka’s high court rejected the claim, stating: “Every platform that seeks to operate within the jurisdiction of our nation must accept that liberty is yoked with responsibility.”

The ruling follows months of legal battles between X and government lawyers. India’s government defended the system as a way to combat unlawful online content, misinformation, and material it says spreads hate and division, while ensuring greater accountability for platforms.

Officials also noted that other tech giants, including Meta and Google, support the government’s approach.

X, which has repeatedly clashed with authorities worldwide over compliance demands, now faces the possibility of appealing the decision to India’s Supreme Court.

HSBC Finds Quantum Computing Boosts Bond Trading Efficiency

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HSBC, Europe’s largest bank, announced on Thursday that a quantum computing trial with IBM has produced promising results for bond trading, marking one of the first real-world finance applications of the emerging technology.

The pilot delivered a 34% improvement in predicting the likelihood that a bond trade would be filled at a quoted price, giving HSBC a potential competitive edge over traditional computing methods.

Quantum computing uses the principles of quantum physics to solve complex problems far faster than classical computers. While the technology remains in its early stages with few proven applications, it is seen as having transformative potential for industries such as finance, logistics, and pharmaceuticals.

According to a McKinsey report in June, the global quantum technology market could reach $100 billion within a decade, up from just $4 billion in revenue last year, driven largely by advancements in quantum computing.

HSBC said its experiment combined quantum and classical computing to price trades in the European corporate bond market. Automated algorithms calculate trade prices for client inquiries in real time, factoring in both market conditions and risk.

“This means we now have a tangible example of how today’s quantum computers could solve a real-world business problem at scale,” said Philip Intallura, HSBC’s group head of quantum technologies.