"They have to have a real name or organization. They have to have a physical address. There has to be a phone number. There has to be some type of tax ID or other type of financial identification so you know exactly who you're dealing with."
"There will always be a profit motive to not fully pay attention, and we want to eliminate that motive. We want to make a clear baseline for all of the platforms, so they're all on the same equal footing of the responsibilities they have to their users and all of us."
"Data from New York Attorney General Letitia James finds online scams receive the second-highest amount of complaints behind retail scams. The bill is under review by the state Senate's Internet and Technology Committee."
New York ranks among top states for online scams, with consumers losing $6.5 billion yearly, or $325 per person, according to a Consumer Federation of America report. Facebook, Instagram, and WhatsApp are identified as primary platforms for scammers. Proposed state legislation would mandate social media sites verify that advertisers have real names, physical addresses, phone numbers, and tax identification. Victims could file complaints directly with platforms. Online scams rank second in complaints to the New York Attorney General's office. Social media companies resist such measures due to advertising revenue dependence. Lawmakers aim to establish uniform platform responsibilities and eliminate profit motives for overlooking fraudulent advertisements. Nationally, consumers lose approximately $119 billion annually to scams.
#online-scams #social-media-regulation #consumer-protection #advertiser-verification #new-york-legislation
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