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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.

EU Seeks Private Investment to Lead Quantum Technology by 2030

The European Union is turning to private funding to strengthen its position in quantum technology, aiming to reduce dependence on the U.S. and China, EU tech chief Henna Virkkunen announced Wednesday. Quantum computing promises vastly faster processing speeds than traditional computers and could revolutionize various sectors, potentially generating trillions of dollars in value over the next decade, according to McKinsey.

Virkkunen highlighted that while Europe has already invested over 11 billion euros ($13 billion) in public funding for quantum technology over the past five years, only 5% of global private investments flow to Europe. To address this gap, the EU plans to intensify efforts to attract private capital in the coming months.

The EU Quantum Strategy also calls for greater collaboration among member states to pool expertise, enhance research and infrastructure, and support a vibrant ecosystem of startups and scale-ups. A key focus is helping startups avoid acquisition by foreign entities or relocation to regions with better funding opportunities.

Looking ahead, the European Commission intends to propose a “Quantum Act” next year to build on the strategy and further promote Europe’s quantum ambitions.

EU Pledges Global Digital Cooperation Amid Strained U.S. Ties

The European Union announced on Thursday a new International Digital Strategy to strengthen cooperation with global partners, aiming to enhance its competitiveness and promote a rules-based digital order. The move comes as tensions with the United States escalate over EU regulations targeting major American tech firms.

EU tech chief Henna Virkkunen emphasized the bloc’s determination to remain a “stable and reliable partner” in the global digital landscape, despite growing geopolitical challenges. “We are living through a profound digital revolution that is reshaping economies and societies worldwide,” Virkkunen said during a press conference. “In this environment, the EU is stepping forward as a stable and reliable partner, deeply committed to digital cooperation with our allies and partners.”

The strategy outlines cooperation across multiple sectors, including energy, transport, finance, health, cybersecurity, emerging technologies like AI and quantum computing, and digital governance that supports democratic values and social cohesion. Protecting children on online platforms is also a key focus area.

The announcement follows increasing U.S. criticism of the EU’s tech regulations, particularly the Digital Markets Act and Digital Services Act, which aim to curb the influence of major tech companies. Washington has accused Brussels of unfairly targeting American firms and even threatened retaliatory tariffs following heavy fines imposed on U.S. tech giants.

Virkkunen explained that the EU’s digital plan rests on two core pillars: enhancing the bloc’s own competitiveness in strategic technologies and supporting partner nations in achieving their digital transformation objectives. “No country or region can lead the technological revolution alone,” she stressed, reaffirming the EU’s commitment to creating a global digital framework rooted in democratic principles and fundamental values.

The 27-country bloc sees its proactive engagement with international partners as a way to counterbalance strained transatlantic relations while asserting its leadership in shaping global digital standards.