EU Probes Apple, Google, Microsoft on Financial Scam Prevention Measures

BRUSSELS - EU technology regulators have sent inquiries to Apple, Google, and Microsoft, seeking details on their efforts to combat financial scams on their platforms. This move reflects growing European concerns about the economic impact of online fraud.

Under the Digital Services Act, a significant EU regulation, major U.S. tech companies are required to enhance their efforts to address illegal and harmful content. The scrutiny comes as part of this broader regulatory framework.

On Wednesday, EU tech chief Henna Virkkunen announced on X, "We have issued requests for information under the DSA to Apple, Booking.com, Google, and Microsoft regarding their approaches to identifying and mitigating risks associated with financial scams." She emphasized the ease with which online fraud can occur and its frequent financial toll on consumers.

Financial scams, including fake hotel bookings, fraudulent banking applications, and deepfake endorsements of sham investments, cost Europeans over €4 billion ($4.7 billion) annually, according to Virkkunen.

Global regulators have also raised alarms about the increasing risk of AI-driven scams, such as phishing and fraudulent investment schemes, which heighten consumer vulnerability.