Consob joined forces with Google to fight online
financial fraud. The partnership aims to enhance investor protection by
creating a digital filter that blocks ads for fraudulent investment schemes
before they can reach web and social media platforms.
Italy’s financial regulator said in a statement that this collaboration, which was officially announced at a Rome conference organized by Consob Commissioner Gabriella Alemanno, will improve investors’ online security.
Push for Big Tech Cooperation
Consob, Italy’s financial market regulator, views the
Google partnership as a key first step in a broader initiative. Federico
Cornelli, Consob Commissioner, expressed optimism about the collaboration,
describing it as “a first step in the right direction.”
However, Cornelli emphasized the need for an extended
alliance with other major tech platforms, naming Meta, X, and LinkedIn as
potential collaborators in the fight against online scams.
“This is a first step in the right direction,” said
Consob Commissioner Federico Cornelli in his speech. “But this collaboration must
be developed and extended to other Big Tech companies, such as Meta, X,
Linkedin.”
He highlighted that while institutions like Consob
remain on the front line in combating financial fraud, Big Tech’s active support and co-responsibility are crucial for success. The Consob-hosted conference, held at the Italian Chamber of Deputies, brought together institutional and digital leaders to
discuss practical solutions to a pressing issue.
Among the participants were representatives from the
Bank of Italy, the Postal Police, the Guardia di Finanza, and Italy’s National
Cybersecurity Agency, illustrating the breadth of commitment to tackling online
fraud. These organizations, along with Google and Meta,
contributed perspectives on how to prevent fraudulent financial ads from
targeting unsuspecting users.
Role in Financial Fraud Prevention
The collaboration with Google centers on developing a preemptive filter that targets abusive investment promotions before they reach digital audiences. This solution, designed to screen out high-risk ads from both social media and the broader web, reportedly aligns with Consob’s goal of securing a safer digital landscape for investors.
The discussion in Rome set a collaborative tone,
marking a collective commitment among institutions, law enforcement, and
digital platforms to protect Italian investors from scams.
This article was written by Jared Kirui at www.financemagnates.com.
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