Ofcom to hold Big Tech accountable for scam adverts

Digital advertising is getting a major regulatory overhaul that will change how financial products are promoted online. Ofcom is introducing strict rules that force tech giants like Google and Meta to proactively block and remove fraudulent advertisements. For retailers and merchants, this means the platforms where you run your financing ads will become much more restrictive and scrutinized. You can expect more rigorous verification processes before your financing offers or Buy Now, Pay Later (BNPL) promotions are allowed to go live. The goal is to stop high-harm fraud, including fake credit offers and impersonation scams. While this protects consumers, it also means legitimate businesses may face longer approval times for ads. If you use social media or search engines to drive traffic to your financing programs, you need to ensure your ad copy is crystal clear and compliant with all truth-in-lending standards. This isn't just about catching criminals; it's about cleaning up the digital marketplace. Retailers should audit their current ad accounts to ensure all business verification credentials are up to date. This will help avoid accidental flagging as the platforms deploy new automated tools to comply with these UK-led but globally influential rules.

Source: Finextra — Lending

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