CONSOB and Google Launch Initiative to Combat Online Financial Fraud

The Italian Companies and Exchange Commission (CONSOB) has announced a collaboration with Google to combat online financial fraud. The partnership aims to create a filter to block the advertising of abusive investment proposals before they reach social networks and the web, thereby bolstering the protection of consumer savings.

This initiative was unveiled at a conference held on Tuesday by CONSOB and La Sapienza Università of Rome. The conference, titled  'The protection of savings at the time of social. Financial fraud and new digital technologies,' was conceived and organized by CONSOB Commissioner Gabriella Alemanno.

“This is a first step in the right direction,” said Consob Commissioner Federico Cornelli in his speech. But this collaboration, he added, must be developed and extended to other Big Tech companies, such as Meta, X, and Linkedin.

Institutions like CONSOB are at the forefront of the battle against online financial fraud. “However, to make this effort more effective, we need the collaboration and co-responsibility of the large digital platforms, which can play a crucial role in stemming the flow of fraud on the web,” CONSOB stated.

The conference featured a constructive confrontation between institutional actors and two major market players, Google Italia and Meta Italia. It was also attended by La Sapienza Università, the Bank of Italy, the Postal Police, the Guardia di Finanza, the National Cybersecurity Agency (Acn), the Rome Public Prosecutor's Office and the National Committee for Financial Education.