The UK’s Financial Conduct Authority, known as the FCA, will now carry out daily internet checkups with up-to-date alerts as the commission tries to keep pace with the ever-growing rise in financial fraud.
This is due to the results after the pandemic, which exposed many people to various fraud platforms online.
The FCA will also pay tech giant Google to publish the regulator’s warnings.
While last year FCA issued 1,200 warnings from consumers about scams advertised on social media platforms by fake companies that are not subject to the commission, it is believed that faster warnings will help reduce the number of victims.
For more information, read the original story in Reuters.