Google has announced an adjustment to its policies that now requires any company advertising financial services to first have secured approval from the Central Bank. This decision is part of Google’s initiative to combat deceptive advertisements on their platform.
Google reported that they plan to inform customers in the near future about amending their financial services authentication process in Ireland. The update will allow them to insist that those wishing to advertise financial services must first be cleared by the Irish Central Bank or a similar regulatory entity. Failure to comply with this new verification process will result in the restriction of their financial services advertisements.
The modifications imply that aspiring advertisers must solidify their credibility before purchasing space for financial service advertisements across Google’s multiple sites.
The Bank of Ireland hailed this decision and termed it a favourable leap forward. The Bank had recently brought forward a four-point strategy for battling fraud in Ireland, which included the regulation of online financial product and service advertising by authorized financial service providers. They applaud the strengthening of protective measures against fraud for consumers and businesses. The institution is eager to delve deeper into discussions with Google about the newly announced advertising procedures.
Google confirmed that this policy shift is an element of their continuous efforts to eliminate deceitful or scammy advertisements. This includes an increased application of tech-based detection of what they refer to as ‘organised adversarial behaviour’.