BETTER FINANCE supports the findings of a key report titled Unmasking Digital Deception: A Data-Driven Approach to Mapping and Combating Online Investment Fraud in Europe. This report highlights the alarming rise of online investment scams that target retail investors across the continent, driven by the rapid digital transformation of the financial sector.
The expert team at BrokerChooser has developed innovative tools, such as Scam Broker Shield and Scam Broker Alert, which empower users to verify the legitimacy of financial service providers. The report uses unique data from Google searches, identifying 67 fraudulent entities that generated 1.3 million search impressions in Europe. Key findings reveal that five EU member states – Germany, France, Poland, Italy, and the Netherlands – account for 86.4% of the search volume, indicating an urgent need for targeted interventions.
BETTER FINANCE advocates for the collaborative recommendations proposed in the report, which aim to enhance preventative measures against these scams. These recommendations include integrating regulatory warnings into search results and increasing scrutiny of digital advertising. By fostering a coordinated effort among regulators, technology companies, and financial institutions, BETTER FINANCE believes that a safer investment environment can be created for all EU citizens.
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