The chairman of the financial watchdog has urged internet giants such as Facebook and Twitter to rid their platforms of the scourge of online scams.

Charles Randell, who heads the Financial Conduct Authority (FCA), said social media firms are enabling criminals to lure in unsuspecting investors – especially through adverts for so-called crypto tokens.

Randell added that internet giants must do more to prevent scam adverts appearing on their sites. 

Scam adverts: The Financial Conduct Authority said social media firms are enabling criminals to lure in unsuspecting investors – especially through adverts for so-called crypto tokens

And in a broadside at Boris Johnson’s government, he urged ministers to include financial harm in the Online Safety Bill, forcing firms to check the authenticity of their advertising customers.

Speaking at the Cambridge International Symposium on Economic Crime, the 63-year-old said: ‘Google has committed to stop…

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