The Advertising Standards Authority (ASA) and the UK’s Internet Advertising Bureau (IAB) launched a new system on 16 June to detect and remove fraud advertisements online.
According to the Telegraph, the system will allow people to report fraudulent advertisements, especially those appearing in paid-for spaces.
One of the main motivations behind the alert system is continuing concerns about the rise of advertising scams that are mainly related to crypto-currency fraud, both authorities said.
UK financial regulator: USD 255 million lost to cryptology and investment scams by 2018
Growing concerns about the rise of cryptomone-related scams
The ASA cited figures released by the UK’s Financial Conduct Authority (FCA), where the financial regulator revealed that in 2018, victims of cryptosecurity and other investment-related scams such as Forex lost more than £197 million (USD 255 million) in total.
Guy Parker, executive director of the ASA, said the following:
„The vast majority of ads inform and responsibly entertain their audience, but a small minority are run with criminal intent. Our scam alert system will play an important role in helping to detect and stop these scams.
The UK FCA now monitors anti-money laundering and counter-terrorism compliance in crypto businesses
Supported by technology giants
The report says that both Internet agencies will be supported by digital advertising platforms and technology giants such as Google and Facebook.
In addition, Jon Mew, executive director of the IAB, said that although the system will not completely eradicate fraudulent advertising on the Internet, it will help to have better regulation on the subject:
„This initiative takes a joint approach to eliminating fraudulent advertising and will play an important role in improving the online ecosystem for both advertisers and consumers. It should be used in conjunction with the police to address the underlying illegitimate activity behind these ads“.
Blockchain firm submits operating system for CBDC to Bank of England
UK regulators, such as the FCA, have been actively announcing measures to monitor the Bitcoin Loophole environment.
Cointelegraph reported in January that the FCA will monitor anti-money laundering (AML) and anti-terrorist financing (CTF) for companies engaged in cryptomoney related activities.