Big Tech Must Take Responsibility

In the past few weeks, many constituents have contacted me about the shocking rise in online fraud and the Government’s failure to hold Big Tech accountable. 

Fraud is now the most common crime in the UK and the cost is staggering: with over four million incidents reported last year, the country lost an estimated £14 billion in 2023-2024. Yet despite the Government’s professed “determination to turn the tide”, its delayed Fraud Strategy 2026-2029 falls short of the scale required to tackle this crisis.  

Fraud is constantly evolving, and the majority of incidents now occur online, with investment schemes, phishing quizzes, AI-generated deepfake endorsements and voice spoofs not only draining bank accounts but also leaving victims feeling humiliated and alone.  

It is shameful that social media platforms such as Meta not only host around 15 billion scam ads a day but pocket as much as 10% (roughly £12 billion) of their annual revenue from running advertising for scams and other prohibited ads. These platforms, and the growing use of AI, are not some sort of abstract or unstoppable technologies; but human-designed systems that can and must be held accountable. 

So, while I welcome the Online Safety Act – including Liberal Democrat calls to include online fraud and scams – the real risk is that the pace of change continues to race ahead of our ability to regulate it effectively. This is where we need a firmer approach, and I have asked the Department for Science, Innovation, and Technology what specific steps the Government is taking to hold social media platforms to account. 

The Strategy’s proposal to launch a new Online Crime Centre is positive. Better coordination between law enforcement, intelligence agencies, and industry is crucial in tackling the rising number of incidents. But it does not address one of the root causes: the platforms where an avalanche of fraud originates and spreads. 

As viewing habits change and YouTube becomes the most viewed content for UK adults after the BBC, this needs to be matched by measures to ensure that the standards enforced by the Advertising Standard Authority are applied equally across traditional TV and digital giants – ending the current “two-tier system” that allows online platforms to largely self-regulate. 

As a party, we will always champion dynamic innovation that drives our economy forward, and many pioneering tech firms make huge contributions to our society. But effective checks must be part of that mix to protect customers and ensure Big Tech is not allowed to profit from crime at the public’s expense.