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Facebook, Google and Twitter told to crack down on disinformation by EU

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The European Commission on Wednesday told tech titans such as Facebook, Google and Twitter to tweak their algorithms and boost fact-checking to stop the spread of lies and disinformation. 

The commission, the EU’s executive body, wants the firms to set clear benchmarks to deal with disinformation, and be more transparent on how they are targeting online users with digital ads.

Officials said the rash of false and misleading online claims about coronavirus vaccines showed that the EU’s existing code of conduct against disinformation did not go far enough.

FILE PHOTO: 3D-printed Facebook logo is seen in front of the logo of the European Union in this picture illustration made in Zenica, Bosnia and Herzegovina on May 15, 2015. REUTERS/Dado Ruvic/File Photo
Facebook, Google and Twitter were told to tweak their algorithms and boost their fact-checking systems to stop the spread of disinformation. (Photo: Reuters/Dado Ruvic)

“We need to rein in the infodemic and the diffusion of false information putting lives in danger,” said EU Internal Market Commissioner, Thierry Breton. “Disinformation cannot remain a source of revenue. We need to see stronger commitments by online platforms, the entire advertising ecosystem and networks of fact-checkers.”

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The EU code of conduct was launched in 2018 and signed by Google, Facebook, Twitter, Microsoft after revelations that they helped spread false information in the run-up to the UK’s Brexit referendum and US elections in 2016. The commission now wants ad exchanges, ad-tech providers, brands benefiting from ads and private messaging services to also sign up to the code.

The commission is separately set to open a formal investigation into Facebook’s alleged undermining of rivals in classified advertising, an inquiry that could lead to hefty fines for illegal business practices. A formal inquiry is expected to be announced within days, with officials examining whether Facebook distorted the classified ads business by promoting its Marketplace services for free to its two billion users. Facebook is facing a separate antitrust investigation by the UK’s Competition and Markets Authority into whether it uses data it collects to undermine rivals in online advertising. 

The commission’s regulatory powers mean that it has real global reach when it comes to reining in big companies. 

The code of conduct will still be voluntary but is expected to be overtaken by a planned EU digital services act in two years. 

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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