EU Consumer Groups Accuse Meta, TikTok and Google Over Financial Scam Advertisements

European consumer organisations have filed complaints against Meta, TikTok and Google over alleged failures to curb fraudulent financial advertisements linked to investment and trading scams across their platforms.

The complaints, submitted by BEUC and 29 consumer groups from 27 countries, accuse the platforms of failing to effectively remove scam advertisements despite obligations under the EU’s Digital Services Act (DSA).

According to the organisations, nearly 900 suspected scam advertisements related to financial services and investment schemes were reported between December 2025 and March 2026. However, only 27% of the ads were removed, while more than half of the reports were allegedly rejected or ignored.

Consumer groups warned that many of the advertisements promoted fraudulent investment platforms, fake trading services and high-yield financial schemes capable of reaching hundreds of millions of users across Europe.

The complaints argue that the platforms failed to implement sufficient safeguards against recurring financial scam campaigns, despite increasing regulatory scrutiny surrounding online investment fraud and scam-related losses.

Under the DSA, large online platforms are required to assess and mitigate systemic risks linked to illegal content, including financial scams and fraudulent advertising. The consumer groups are urging European regulators to investigate whether Meta, TikTok and Google breached those obligations and to impose penalties if non-compliance continues.

The complaints come as regulators globally increase pressure on social media and digital advertising platforms over their role in the spread of investment scams, impersonation fraud and fake crypto trading promotions targeting retail investors.

Meta and Google defended their anti-scam measures, stating that large volumes of fraudulent advertisements are removed proactively through automated detection systems and AI-based monitoring tools.