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

/in /tarafından

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.

CFPB ends Apple and U.S. Bank settlements early under Trump administration shift

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The Consumer Financial Protection Bureau (CFPB) has ended oversight agreements with Apple and U.S. Bank years ahead of schedule, according to recent court filings. The move is part of President Donald Trump’s broader effort to reduce CFPB enforcement and roll back settlements imposed during the Biden administration.

Apple’s settlement stemmed from a 2024 CFPB action that found the company and Goldman Sachs violated consumer protection laws by mishandling disputes on the Apple Credit Card and misleading customers about interest-free transactions. The original agreement required five years of enhanced compliance, but has now been cut short. Apple paid a $25 million civil penalty, fulfilling its financial obligation.

U.S. Bank, meanwhile, faced a 2023 settlement over allegations it illegally blocked unemployed consumers from accessing pandemic-era benefits. The deal also required five years of compliance monitoring. The bank has since paid a $15 million penalty, made restitution payments, and pledged corrective measures, leading regulators to end oversight.

The filings also reveal the CFPB under Trump has dropped oversight for other firms, including Toyota and Bank of America, while halting nearly all enforcement actions still pending when Trump took office.

Critics say the changes mark a significant retreat from the agency’s consumer protection role, while supporters argue that excessive monitoring placed unnecessary burdens on businesses.

iPhone 17 hits Moscow stores as Russian pre-orders surge despite economic strain

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Russian resellers unveiled the iPhone 17 on Saturday, with major retailer Restore: reporting a 66% jump in pre-orders compared to last year, highlighting strong demand for Apple devices despite Russia’s economic downturn.

Russia is grappling with 20-year-high interest rates and a budget deficit exceeding 4 trillion roubles, yet enthusiasm for Apple’s latest smartphones remains resilient. Apple itself halted direct sales and suspended Apple Pay in 2022 due to Western sanctions, but resellers continue to import devices through parallel channels, pushing prices far above U.S. and European levels.

At Afimall City in Moscow’s business district, Restore: displayed the new models for browsing, with deliveries promised in coming days. The base 256GB iPhone 17 is priced at 119,990 roubles ($1,437)—about 57% higher than in the U.S.

“There is a huge fan base that will never exchange iPhone for anything else,” said Lyudmila Semushina, PR director of Restore:. Customer interest is especially high for the redesigned iPhone Air and the upgraded Pro models with improved cameras.

Tech blogger Sergei Yepikhin noted that while Android remains more practical in Russia, the new iPhones’ features are luring users to switch. Restrictions on WhatsApp and Telegram calls have also boosted demand for FaceTime, further embedding iPhones into Russian digital life.

To bypass Apple Pay’s absence, Russian banks such as Sber and T-Bank recently rolled out local contactless payment services. Despite higher logistics costs from imports, Restore: said its supply chain remains “quite stable,” though short-term shortages of new iPhones are expected.

Apple was Russia’s top smartphone brand by revenue in 2024, while Xiaomi led in unit sales, underscoring the iPhone’s enduring premium appeal even in a strained economy.