Social media users will now have stronger protection against scams as new rules take effect this week.
Ofcom has brought in new protective measures known as the ‘Illegal Harms Codes’ which social media websites must follow.
Social media platforms will now have to make channels for fraud reporting, allowing organisations to flag suspicious activity.
Ofcom will also be able to fine them millions if they refuse to cooperate, or even block their websites through court orders.
Rocio Concha, director of policy and advocacy at consumer website Which?, said: “Time and time again, our research has found that consumers face a flood of scam content online, so it’s positive that platforms will need to do more to stop user-generated fraud on their sites.
“Ofcom must ensure firms take their responsibilities seriously and should not hesitate to use its powers to take action against any companies that break the rules.”
Between April and June, 8,700 scam incidents related to fraudsters using online social platforms.
Within that, 1,500 were cases where people had used their bank cards to pay for investments, up from 1,300 in the same period in 2023.
Martin Richardson, senior partner at National Fraud Helpline, gave a cautious welcome to the new social media scam rules.
He said: ‘This is clearly a step in the right direction. It’s hugely important that social media sites rise to the challenge. These platforms are being used by scammers to create financial and emotional misery.
‘Now we have these rules it’s very important that if they are broken there are proper consequences.’
From July to September, reports rose further to 9,091 cases.
Other changes that will happen as a result of Ofcom’s Illegal Harms Code includes newly appointed senior roles by social media companies, who will be tasked with controlling illegal or fraudulent content.
Platforms will also have more responsibility in protecting children from online harms, and women will be given more power to block any users that may be harassing or stalking them.
Have you fallen victim to a social media scam? Contact National Fraud Helpline. Call 0333 0033218 or fill out our Claim Form.