EU probes how Apple, Google and Microsoft police financial fraud: FT
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The news: The European Union is set to investigate whether Apple, Google and Microsoft are adequately policing against online financial fraud, as the bloc ramps up its efforts to supervise Big Tech’s online presence.
The context: Speaking to the Financial Times on Tuesday, EU tech chief Henna Virkkunen told the masthead that the union’s regulators would send formal requests for information to the three US Big Tech groups as well as accommodation platform Booking Holdings, under powers granted under the Digital Services Act to tackle financial scams.
The move could lead to a formal investigation and possible fines against the tech players should sufficient concerns around their behaviour be raised.
“We see that more and more criminal actions are taking place online”, Virkkunen told the FT. “We have to make sure that online platforms really take all their efforts to detect and prevent that kind of illegal content.”
The EU regulator plans to assess how the firms are handling fake applications in their appt stores, like fake banking apps, as well as fake search results presented via Google and Microsoft’s Bing.
The bloc has requested more information about the approach being taken by Booking Holdings’ subsidiary Booking.com is taking to address fake accommodation listings.
Virkkunen told the FT that online fraud losses exceeded EUR4 billion annually across the bloc and that financial scams could cause mental issues, while the rise of AI had made detecting the practice more challenging.
The move comes amid heightened tension between the bloc and the US, after President Trump threatened to punish countries which are “discriminating” against US firms with higher tariffs.
The source: Financial Times
