EU to investigate how Apple, Google and Microsoft control financial fraud on the Internet

The European Union will examine how Apple, Google and Microsoft are tackling online fraud and whether they are doing so effectively, as part of a wider review of the work of big tech companies on the internet, the Financial Times reports.

Executive Vice President of the European Commission Genna Virkkunen told the publication that on Tuesday, September 23, the bloc's regulators will send formal requests for information to Apple, Google and Microsoft, as well as Booking Holdings.

"We see more and more criminal activity happening online," Virkkunen said. "We need to make sure that online platforms are really doing their best to detect and prevent the spread of this kind of illegal content."

An EU investigation could lead to a formal investigation and even potential fines for companies. Virkkunen also stresses that the commission was looking at individual companies, not their locations, as the US president has previously threatened to impose tariffs on countries that fine American companies.

The European Commission will conduct a thorough investigation into how Apple and Google deal with counterfeit apps in their stores, including banking apps. The regulator will also look into counterfeit results in Google and Bing search results.

The EU also wants to know more about how Booking Holdings is tackling fake accommodation ads. It is the only European company among the four being investigated, and its largest subsidiary, Booking.com, is based in Amsterdam.

Virkkunen also said that annual losses from online fraud in the EU exceed €4 billion. At the same time, she noted that the development of artificial intelligence makes it more difficult to detect such cases. In general, the fight against financial fraud will become a new priority within the framework of the Digital Services Act (DSA).