General Insurance Article - Financial scams to be included in the Online Safety Bill

The Secretary of State for Digital, Culture, Media and Sport has made comments confirming that provisions will be made for the prevention of online fraud in the Online Safety Bill.

 Kate Smith, Head of Pensions at Aegon comments: “We’re absolutely delighted that the Government has listened to the pension industry’s concerns and included financial scams, including pension and investment scams, in the Online Safety Bill. Pension and investment scams have flourished during the pandemic as fraudsters have exploited our increasing reliance on all things digital. While this is great for keeping us connected, there is a dark side which can compromise our financial security.

 “The Online Safety Bill will now be scrutinised by a joint committee of MPs before it’s introduced into parliament. The importance of this legislation shouldn’t be underestimated as it will protect people from the growing menace of online financial scams and hopefully make the internet a safer place for all.

 “It’s important the Online Safety Bill is ambitious and flexible enough to deal with the constant evolving nature of scams, forcing online scams adverts and websites to be taken down quickly to minimise harm. This is just another piece in the jigsaw to combat financial fraud. Later this year, the government will be publishing its Fraud Action Plan setting out joint actions and responsibilities across government agencies. This needs to be a living document enabling trends to be spotted quickly with decisive action to be taken against fraudsters and importantly making it clear who people can contact for help if they believe they’ve become a victim of a scam.“


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