Yazılar

Google to Label Verified Investment Apps in India

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Alphabet Inc.’s Google will introduce verification labels for investment apps on its app store in India, aiming to help users identify legitimate platforms and avoid scams.

The initiative will allow only brokers and intermediaries registered with the Securities and Exchange Board of India to receive a verified badge. This is expected to make it easier for users to distinguish approved financial services from fraudulent apps impersonating them.

The move comes as authorities increase efforts to combat rising online investment scams, particularly those targeting retail users through mobile platforms. By tightening visibility and trust signals within the app ecosystem, regulators hope to reduce financial fraud and improve consumer protection.

The decision highlights growing collaboration between regulators and major technology platforms as digital finance expands and risks associated with unverified services increase.

US senators unveil bill to curb scam ads on social media platforms

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Two U.S. senators have introduced bipartisan legislation aimed at forcing social media platforms to take greater responsibility for fraudulent advertising. Senators Ruben Gallego and Bernie Moreno said the proposed Safeguarding Consumers from Advertising Misconduct Act, or SCAM Act, would require platforms to take “reasonable steps” to prevent scam ads or face enforcement by the Federal Trade Commission and state attorneys general.

The bill would mandate verification of advertisers’ identities or the legal existence of businesses, and require platforms to quickly review and act on reports of fraudulent ads. Supporters say social media companies have become a major conduit for online scams by relaxing advertiser checks to protect ad revenues.

The proposal follows a Reuters investigation that cited internal documents at Meta Platforms estimating that scam and illicit ads could account for a significant share of revenue. Meta has disputed those figures and said it actively combats fraud. The legislation is backed by the American Bankers Association and consumer groups such as AARP, and would allow state authorities to bring civil action against non-compliant platforms.

New York Sues Zelle Over $1 Billion in Consumer Fraud Losses

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New York Attorney General Letitia James filed a lawsuit against Zelle, claiming the electronic payment platform’s failure to adopt key security measures allowed fraudsters to steal more than $1 billion from consumers. The case was filed in Manhattan state court following the U.S. Consumer Financial Protection Bureau’s decision in March to drop a similar case.

James alleged that Zelle’s parent, Early Warning Services, owned by seven major U.S. banks, knew about the platform’s vulnerabilities for years but resisted implementing safeguards. She said fraudsters exploited the platform through scams such as fake utility bills, nonexistent goods, and impersonating banks, leaving victims without support even after money was stolen.

Zelle responded that fraud occurs when users are tricked into sending money and that over 99.95% of transactions are completed without reported fraud. The company called the lawsuit a “political stunt” and warned that holding it liable could raise consumer fees.

The lawsuit seeks stronger anti-fraud protections and restitution for affected New Yorkers. Previous actions by James include suits against Capital One and settlements with MoneyGram over similar consumer protections issues.