“It’s a terrible thing because it affects a small person who can ill afford it,” Branson said in an interview in Austin, Texas. “We are doing enormous amounts to try to stop it.”
In the UK, Branson has joined with business figures including Martin Lewis, founder of consumer website MoneySavingExpert.com, to persuade the government to include paid-for scam ads in the new Online Safety Bill, which will make tech firms responsible for user-generated cons. Legislation, including the amendment, was published in March and is proceeding through Parliament.
The scams typically feature fake online newspaper reports in which individuals appear to endorse crypto schemes that readers can access via links in the articles. Money is extracted from the unwary in a variety of ways, including so-called advance fee frauds seeking upfront payments.