Finance
EU asks Apple, Google and Microsoft what they are doing to tackle finance scams
Published by Global Banking and Finance Review
Posted on September 24, 2025
2 min readLast updated: January 21, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on September 24, 2025
2 min readLast updated: January 21, 2026
The EU is questioning Apple, Google, and Microsoft on their measures to prevent financial scams, highlighting concerns over online fraud and AI's role in scams.
By Sudip Kar-Gupta
BRUSSELS (Reuters) -Apple, Google and Microsoft have been asked by EU tech regulators about the measures they are taking to prevent their platforms being used for financial scams, underscoring Europe's concern about the cost of online fraud.
The EU is increasing its regulatory scrutiny of major U.S. technology companies via the Digital Services Act, landmark legislation that requires Big Tech to do more to tackle illegal and harmful content on their platforms.
"Today, we sent requests for information, under the DSA, to Apple, Booking.com, Google and Microsoft on how they identify and manage risks related to financial scams," EU tech chief Henna Virkkunen wrote on X on Wednesday.
"Online fraud can start very easily nowadays, and too often results in financial losses for consumers," she added.
Such online scams, ranging from fake hotel listings and fraudulent banking apps to deepfakes of public figures promoting false investments, cost Europeans more than 4 billion euros ($4.7 billion) annually, Virkkunen said
Regulators around the world have voiced concerns that the rise of AI could make consumers more vulnerable to scams such as phishing and fraudulent investment schemes.
($1 = 0.8512 euros)
(Reporting by Sudip Kar-Gupta;Editing by Foo Yun Chee, Kirsten Donovan)
The EU asked these tech companies about the measures they are taking to prevent their platforms from being used for financial scams.
The Digital Services Act is the landmark legislation that requires Big Tech to do more to tackle illegal and harmful content.
Such online scams cost Europeans more than 4 billion euros ($4.7 billion) annually.
The article mentions scams such as fake hotel listings, fraudulent banking apps, and deepfakes promoting false investments.
Regulators are concerned that the rise of AI could make consumers more vulnerable to scams like phishing and fraudulent investment schemes.
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