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Government announces crackdown on illegal ads

by LLB Editor
25th Jul 23 10:55 am

The government has today announced new rules to crack down on illegal ads, influencer scams and protect children online.

Commenting, Myron Jobson, Senior Personal Finance Analyst, interactive investor, says: ““It is difficult to use the internet without encountering something that looks like a scam – not to mention those that appear legitimate and fly under the radar – which makes surfing the web a minefield.

“Celebrity endorsement scams are particularly dastardly. These scams can erode trust in renowned personalities, making it harder for individuals to distinguish genuine promotions from fraudulent ones.

“Falling victim to scam financial adverts can inflicting serious damage both financially and emotionally. These deceptive schemes prey on people’s vulnerability, promising quick and easy riches, but delivering nothing but heartache in return.

“The impact is far-reaching. Victims of these scams often suffer significant financial losses, watching their hard-earned money vanish into thin air. It’s a devastating blow that can take years to recover from, if ever.

“Financial scams are ever-evolving beasts that need taming. The hope is the Online Safety Bill will go some way in plugging the flood of financial fraud, but the onus is also on individuals to avoid falling prey to fraud – there is no getting away from it. Fraudsters are only too willing to exploit any ignorance or naivety. We often overestimate our ability to spot a financial scam when, in reality, even those who consider themselves financially savvy aren’t immune to increasingly sophisticated scams.

“To protect yourself from these malicious schemes, it’s essential to stay informed and vigilant. Educate yourself about common scams, be sceptical of unrealistic promises, and never share personal or financial information with unsolicited sources. Ultimately, awareness and cautiousness are our best defences against the damaging impact of scam financial adverts on individuals.

“The fact remains that if something seems too good to be true, it probably is.”

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