Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the potential (a) merits of requiring social media platforms to contribute to the costs of reimbursing victims of fraud and (b) impact of such a requirement on tackling fraud.

The government recognises that protecting the UK population from fraud, including is incredibly important. That is why we have agreed the Online Fraud Charter with the technology sector. Signatories, including some of the largest global tech companies, have committed to a number of actions to reduce fraud on their platforms and services including: blocking and reporting fraudulent activity, taking down fraudulent posts, and engaging with law enforcement.

More broadly, under the Online Safety Act, social media platforms will be required to establish systems and processes to remove both user generated fraudulent content and fraudulent advertising. If platforms do not comply, they may face fines of up to £18 million or 10% of their annual turnover, whichever is higher.