MPs back our Stamp Out Investment Fraud campaign: Treasury committee agrees online fraud should be included in Online Safety Bill
Leading MPs have backed the Daily Mail’s Stamp Out Investment Fraud campaign.
In a report into the London Capital & Finance scandal, the Treasury committee said online fraud should be included in the Online Safety Bill.
The bill is looking at how to make tech giants accountable for ‘harmful’ content on their platforms – but does not cover sophisticated online scams.
Web of deceit: In a report into the London Capital & Finance scandal, the Treasury committee said online fraud should be included in the Online Safety Bill
MPs said that were the bill to be widened, then it could stop an LCF-style scandal happening again.
The report said: ‘It is disappointing that measures to address fraud via online advertising have not been included in the draft Online Safety Bill.
‘This is a missed opportunity to help prevent another LCF-type event.
‘The Government must intervene urgently to include measures to address fraud via online advertising in the Online Safety Bill to prevent further harm to customers being offered fraudulent financial products.’
Thousands were scammed out of millions by LCF, which used targeted online advertising to entice investors to buy mini-bonds from the firm.