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EU also sends request to Booking.com

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EU concerned about cost, spread of online financial scams

By Sudip Kar-Gupta

BRUSSELS, Sept 24 (Reuters) - Apple ( AAPL ), Google

and Microsoft ( MSFT ) have been asked by EU tech

regulators about the measures they are taking to prevent their

platforms being used for financial scams, underscoring Europe's

concern about the cost of online fraud.

The EU is increasing its regulatory scrutiny of major U.S.

technology companies via the Digital Services Act, landmark

legislation that requires Big Tech to do more to tackle illegal

and harmful content on their platforms.

"Today, we sent requests for information, under the DSA, to

Apple ( AAPL ), Booking.com, Google and Microsoft ( MSFT ) on how they identify

and manage risks related to financial scams," EU tech chief

Henna Virkkunen wrote on X on Wednesday.

"Online fraud can start very easily nowadays, and too often

results in financial losses for consumers," she added.

Such online scams, ranging from fake hotel listings and

fraudulent banking apps to deepfakes of public figures promoting

false investments, cost Europeans more than 4 billion euros

($4.7 billion) annually, Virkkunen said

Regulators around the world have voiced concerns that the rise

of AI could make consumers more vulnerable to scams such as

phishing and fraudulent investment schemes.

($1 = 0.8512 euros)