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 conference organized by Consob Commissioner Gabriella Alemanno in Rome, will improve investors' online security.
Push for Big Tech Cooperation
The financial watchdog views the new 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 Cornelli in his speech. “But this collaboration must be developed and extended to other Big Tech companies, such as Meta, X, and 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 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 reportedly marks a collective commitment among institutions, law enforcement, and digital platforms to protect Italian investors from scams.
Consob has continued to crack down on websites offering unauthorized services, the latest being the closure of four websites in September. The regulator mentioned that it ordered internet service providers to close fcapital24.org, multibankfx.com, multibankfx.com, stocket.me, www.tgfinvest.com, and my.fxmt.tech/platforms.
