Social media companies should refund people who have been defrauded by scam adverts on their platforms, an MP had urged.
Julian Knight, chair of the House of Commons digital, culture, media and sport (DCMS) select committee, said it was a “disgrace” that firms had not put in place sufficient safeguards to stop scam artists paying for advertising space on users’ feeds.
Twitter and Meta, the company behind Facebook, Instagram and WhatsApp, were among a number of major online platforms that announced in December they will only host adverts for financial products approved by the Financial Conduct Authority (FCA) regulator.
