European MEPs demand action against online fraud on Meta, Google, X, and TikTok

A group of 56 European Parliament members, including Greece’s Nikolas Farantouris, has submitted a formal inquiry to the European Commission regarding insufficient controls against online financial fraud on major digital platforms. The intervention targets Meta (Facebook, Instagram), Google, X, and TikTok, accusing them of failing to prevent large-scale economic scams that generate billions in turnover.

The MEPs, primarily from the S&D group and other democratic factions, warn that online fraud is spreading across the EU, exacerbated by the rise of artificial intelligence. They note that thousands of European consumers fall victim daily, losing significant sums of money.

The group highlights concerns that platforms may be choosing to tolerate these activities because the advertising revenue generated from fraudulent content outweighs the potential legal risks and fines. This follows a previous commitment from the Commission in August to develop a comprehensive European action plan against digital fraud.