LONDON: Social media firms must do more to stop advertising "dodgy financial promotions" that fuel a surge in fraud or face action, Britain's Financial Conduct Authority said on Tuesday.
"We are putting them on notice that we expect them to be involved in this process of protecting the community," the FCA's head of enforcement Mark Steward told the watchdog's annual meeting.
He gave no specific examples of what he described as the adverts "feeding social media with dodgy financial promotions", but financial fraud has rocketed, especially during the coronavirus pandemic, as more consumers shop online and try digital banking and investing.
Google has prohibited investment ads that are not FCA-authorised - including for gold and cryptocurrencies - since Sept. 6 this year.
Steward said the FCA was pleased by the Google action.
"We can see it having an impact already in curtailing the increase in suspicious financial promotions on Google searches," he said.
"We are talking to all social media firms about this and it's important that all of them change their processes and procedures otherwise we will have to take action," Steward added.
The tech firms have said they are investing in fraud prevention and collaborating with the government and regulators.
UK financial watchdog warns social media over "dodgy" ads that fuel fraud
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UK financial watchdog warns social media over "dodgy" ads that fuel fraud
- Social media firms must do more to stop advertising "dodgy financial promotions," says Britain's Financial Conduct Authority
Bondi Beach attack hero says wanted to protect ‘innocent people’
DUBAI: Bondi Beach shooting hero Ahmed Al Ahmed recalled the moment he ran toward one of the attackers and wrenched his shotgun away, saying the only thing he had in mind was to stop the assailant from “killing more innocent people.”
Al-Ahmad’s heroism was widely acclaimed in Australia when he tackled and disarmed gunman Sajid Akram who fired at Jewish people attending a Hanukkah event on December 14, killing 15 people and wounding dozens.
“My target was just to take the gun from him, and to stop him from killing a human being’s life and not killing innocent people,” he told CBS News in an interview on Monday.
“I know I saved lots, but I feel sorry for the lost.”
In footage viewed by millions of people, Al Ahmed was seen ducking between parked cars as the shooting unfolded, then wresting a gun from one of the assailants.
He was shot several times in the shoulder as a result and underwent several rounds of surgery.
“I jumped in his back, hit him and … hold him with my right hand and start to say a word like, you know, to warn him, ‘Drop your gun, stop doing what you’re doing’,” Al Ahmed said.
“I don’t want to see people killed in front of me, I don’t want to see blood, I don’t want to hear his gun, I don’t want to see people screaming and begging, asking for help,” Al Ahmed told the television network.
“That’s my soul asked me to do that, and everything in my heart, and my brain, everything just worked, you know, to manage and to save the people’s life,” he said.
EXCLUSIVE: Ahmed al Ahmed, the man hailed as a hero for tackling one of the gunmen behind an antisemitic attack on Australia's Bondi Beach earlier this month, is speaking out in the aftermath of the massacre.
— CBS News (@CBSNews) December 28, 2025
"I know I saved lots, but I feel sorry still for the lost." pic.twitter.com/gFUfJvv7c6
Al Ahmed was at the beach getting a cup of coffee when the shooting occurred.
He is a father of two who emigrated to Australia from Syria in 2007, and works as a fruit seller.
Local media reported that the Australian government has fast-tracked and granted a number of visas for Al Ahmed’s family following his act of bravery.
“Ahmed has shown the courage and values we want in Australia,” Home Affairs Minister Tony Burke said in a statement.
One of the gunmen, Sajid Akram, 50, was shot and killed by police during the attack. An Indian national, he entered Australia on a visa in 1998.
His 24-year-old son Naveed, an Australian-born citizen, remains in custody on charges including terrorism and 15 murders, as well as committing a “terrorist act” and planting a bomb with intent to harm.
(with AFP)
