Stop the scammers: why isn’t more being done? | Money

Terrorists, drug-traffickers and child pornographers will be free to continue raising money for their crimes through online financial scams unless the government clamps down on internet giants that host their adverts, banks have warned.

The criminals that run such activities also make money through financial scams that are advertised on the likes of Google and Facebook, campaigners say.

They want ministers to legislate to target these scams and allow regulators to fine large tech companies that profit from the adverts that bring them to the attention of thousands of victims each year.

A senior banking industry source said the financial services industry viewed the decision not to include fraud in the Online Harms Bill that is due to be published this summer as “ludicrous”.

“When