Google has committed $5m (£3.6m) of advertising credits to the Financial Conduct Authority (FCA) and banking groups to help combat scams on its search engine.
The figure was revealed in documents submitted to MPs on the Treasury Committee as part of an inquiry into policies that social networks and internet giants have in place to combat financial fraud and protect consumers.
Google revealed it has provided $3m of advertising credits to the FCA to help protect consumers from being duped by scams when browsing online.
It has also pledged $2m of credits to support banking trade body UK Finance’s “Take Five” awareness campaign that aims to help investors spot and avoid scams.
Google revealed that it took down 123 million “bad ads” globally in 2020 for violating its financial services policies.
The Treasury Committee also disclosed responses from Facebook which said it would be willing to provide advertising credits to help the FCA combat scams.
“With cases of fraud rising rapidly, it’s clear that further action is needed to protect consumers online,” Mel Stride, chair of the Treasury Committee, said.
“As a committee, we’re calling for online technology companies to stop taking advertising pounds from these fraudsters – and to act to better protect their users as a matter of urgency.
“We’re also proposing that the government includes fraudulent advertisements within the scope of the Online Safety Bill.
“If these actions are not taken, then many thousands more innocent consumers will fall victim to these criminals.”