The European Commission is under pressure from member states, especially Ireland, to require social media platforms to combat online payment scams that defrauded Europeans of €4.3bn in 2022. A proposed amendment would mandate Big Tech to verify the legitimacy of advertisers, allowing only registered financial service providers to post ads, but the Commission is hesitant, citing conflicts with existing regulations. Despite support from about half of EU countries, Poland’s suggestion to improve communication between payment providers and platforms has raised concerns that it may be insufficient to prevent fraud.
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