Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
  1. Homepage
  2. Equities
  3. United States
  4. Nasdaq
  5. Alphabet Inc.
  6. News
  7. Summary
    GOOGL   US02079K3059


SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Britain warns social media firms over 'dodgy' financial ads

09/28/2021 | 10:13am EDT
Social network words and social media logos are seen through magnifier displayed in this illustration taken

LONDON (Reuters) -Social media firms face action if they do not do more to prevent ads for "dodgy financial promotions" that are fuelling a surge in fraud, Britain's Financial Conduct Authority said on Tuesday.

Financial scams have rocketed in recent years, especially during the coronavirus pandemic, as more consumers shop online and try digital banking and investing.

UK Finance, a lobby group representing banks, has described fraud as a "national security threat", with the FCA saying that consumers lost nearly 570 million pounds to investment scams in the 12 months to April.

"We are putting them on notice that we expect them to be involved in this process of protecting the community," the FCA's head of enforcement Mark Steward told its annual meeting.

The big tech firms have said they are investing in fraud prevention and collaborating with the government and regulators.

Steward gave no specific examples of the adverts "feeding social media with dodgy financial promotions".

Google this month prohibited investment ads that are not FCA-authorised, including for gold and cryptocurrencies.

Steward said the FCA was pleased by this action, which he said added was "having an impact already in curtailing the increase in suspicious financial promotions on Google searches".

"We are talking to all social media firms about this and it's important that all of them change their processes and procedures otherwise we will have to take action," he added.

Steward said that it was too easy for perpetrators to hide their identity and be located anywhere in the world.

"This is why the gateway through social media needs to be regulated," he said.

The FCA has asked the government to include advertisements in its planned Online Harms Bill to help tackle scams.

"There is something systemically and fundamentally that needs to be fixed in order to create a safer environment for consumers to operate," Steward said.

(Reporting by Huw Jones; Editing by Catherine Evans, Alison Williams and Alexander Smith)

By Huw Jones

ę Reuters 2021
All news about ALPHABET INC.
04:51aStocks across the world buoyant on upbeat earnings
03:35aEU tech rules should curb cloud computing providers, study says
03:35aEU tech rules should curb cloud computing providers, study says
03:22aNikkei rises on Wall Street gains, earnings optimism
02:12aStocks rally in Asia, China property sector worries dampen sentiment
10/25Nikkei tracks Wall Street higher amid earnings optimism
10/25FACEBOOK : YouTube take down Bolsonaro video over false vaccine claim
10/25ALPHABET : Poised for Cloud Growth, YouTube Ad Gains Amid Year-End Risks, BofA Says
10/25Equities gain, U.S. yields fall as positive earnings season kicks into gear
10/25Eco-friendly sneaker maker Allbirds aims for $2 billion valuation in U.S. IPO
More news
Analyst Recommendations on ALPHABET INC.
More recommendations
Financials (USD)
Sales 2021 251 B - -
Net income 2021 68 752 M - -
Net cash 2021 140 B - -
P/E ratio 2021 27,2x
Yield 2021 -
Capitalization 1 841 B 1 841 B -
EV / Sales 2021 6,77x
EV / Sales 2022 5,69x
Nbr of Employees 144 056
Free-Float 93,1%
Duration : Period :
Alphabet Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends ALPHABET INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 46
Last Close Price 2 748,94 $
Average target price 3 230,13 $
Spread / Average Target 17,5%
EPS Revisions
Managers and Directors
Sundar Pichai Chief Executive Officer & Director
Ruth M. Porat Chief Financial Officer & Senior Vice President
John LeRoy Hennessy Chairman
Louis John Doerr Independent Director
Ann Mather Independent Director
Sector and Competitors
1st jan.Capi. (M$)
ALPHABET INC.56.85%1 841 360
BAIDU, INC.-18.85%61 074
YANDEX N.V.10.74%27 618
SOGOU INC.9.82%3 471