Google is expanding its financial services ad screening program launched in the UK. last summer after seeing what he describes as a “clear decline” in ads promoting financial scams.
Australia, Singapore and Taiwan are first in line to receive this requirement under the phased expansion of the policy. But Google says it plans to expand verification requirements for advertisers in additional countries and regions “in the coming months.”
The verification layer is on top Google Financial Products and Services Policy looping on the local financial regulator, to which advertisers must demonstrate that they are authorized in order for their financial services ads to be accepted by Google – thus adding a layer of security against the advertising giant accepting and running ads for cryptocurrency investment scams and the like.
In the UK, the Financial Conduct Authority (FCA) is the regulator that advertisers of financial services must certify they are authorized to do. The three new markets will have similar supervisory bodies.
Google said that advertisers who wish to promote financial products and services in these markets will be able to apply for verification at the end of June, with the policy going into effect on August 30, 2022.
“Advertisers who have not completed the new verification process by this date will no longer be allowed to advertise financial services,” reads a blog post written by Alejandro Borgia, Google’s director of advertising privacy and security.
“We work tirelessly to ensure that the advertising we host is safe and trustworthy, and we know that partnerships and collaborations with government regulators are critical to our success. That is why we are working closely with regulators in these three markets to make sure this program is effective at any scale,” he added.
Google has not provided any data to support its claim that the policy change resulted in a significant reduction in financial fraud ad reporting in the UK market, offering only a total (global) figure for ads blocked or removed in 2021. (58.9 million) for violating a financial services policy taken from 2021 Ad Safety Report.
Prior to the launch of the financial ad review policy in the UK, Google was under pressure from the FCA to crack down on fraud, with the regulator threatening legal action if Google continued to accept unverified financial ads.
Credit: techcrunch.com /