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