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Consob and Google Italy Team Up to Tackle Financial Fraud

In a groundbreaking collaboration, Consob and Google Italy have joined forces to protect users from financial scams. The partnership aims to combat misleading advertisements for financial services on websites and social media platforms.

Consob’s goal is to expand this agreement to other digital platforms, moving beyond its traditional regulatory role. Commissioner Federico Cornelli highlighted the authority’s efforts to work with major digital platforms to identify and intercept ads promoting abusive financial services online.

Speaking at the event ‘Safeguarding Savings in the Age of Social Media – Financial Fraud and New Digital Technologies’ in Rome, Cornelli revealed that Consob has already shut down 1,200 websites for financial misconduct since 2019. These websites were found to be in violation of financial regulations, leading to enforcement actions including fines.

Despite facing challenges with operators based in non-EU countries, Cornelli emphasized the importance of collaborating with platforms like Google to act as a filter against financial scams. He stressed the significance of collective action in promoting financial literacy and protecting savings.

Cornelli expressed hope for expanding cooperation with other platforms like Meta to further safeguard consumers’ investments. The collaboration with Google marks a crucial first step in fortifying financial security and combatting fraudulent practices.

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